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Law for Accountants Exam 1 Questions
and Correct Answers/ Latest Update /
Already Graded
Which of the following is a model statute published by the National
Conference of Commissioners of Uniform State Laws?
a. The Restatement (Second) of Contracts
b. The Uniform Contracts Code
c. The Restatement of Contracts
d. The Uniform Commercial Code
Ans: d. The Uniform Commercial Code
The Uniform Commercial Code (UCC), sometimes simply
referred to as the Code, is a model statute published by the
National Conference of Commissioners of Uniform State Laws
(NCCUSL), a private organization.
Article 2 of the Uniform Commercial Code (UCC) governs contracts
involving _____________.
a. the lease of goods
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b. the provision of services
c. the sale of goods
d. commercial paper (e.g., checks and promissory notes)
Ans: c. the sale of goods
The Uniform Commercial Code (UCC) is important because
every state has now adopted all, or substantially all, of the
provisions of the UCC. Article 2 of the Uniform Commercial
Code (UCC) governs contracts involving the sale of goods.
Article 2A of the Uniform Commercial Code (UCC) covers
_____________.
a. the provision of services
b. commercial paper
c. the sale of goods
d. the lease of goods
Ans: d. the lease of goods
The Uniform Commercial Code (UCC) is important because
every state has now adopted all, or substantially all, of the
All rights reserved © 2025/ 2026 |
, Page |3
provisions of the UCC. Article 2A of the Uniform Commercial
Code (UCC) covers the leasing of goods.
The underlying policy goal of Article 2 of the Uniform Commercial
Code (UCC) is to promote commercial _____________ and the
_____________ of business transactions.
a. equity; standardization
b. ethics; standardization
c. fair trade; internationalization
d. efficiency; completion
Ans: d. efficiency; completion
Article 2 of the Uniform Commercial Code (UCC) provides
_____________ and _____________ procedures that merchants and
consumers may rely upon in cases involving _____________
contingencies.
a. simple; non-standardized; foreseen
b. complex; standardized; unforeseen
c. simple; standardized; unforeseen
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d. complex; non-standardized; foreseen
Ans: c. simple; standardized; unforeseen
The Uniform Commercial Code (UCC) facilitates business transactions
by providing merchants and consumers with a standard set of
_____________ for the sale of goods.
a. ADR (alternative dispute resolution) mechanisms
b. default rules
c. procedural requirements
d. contracts
Ans: b. default rules
A default rule is a rule of law that is designed to _____________.
a. automatically benefit the defendant
b. automatically benefit the plaintiff
c. fill "gaps" in business contracts
d. invoke federal supremacy in the event of a breach of contract
(meaning that federal contract law will be used in the event of a
contractual breach)
All rights reserved © 2025/ 2026 |
Law for Accountants Exam 1 Questions
and Correct Answers/ Latest Update /
Already Graded
Which of the following is a model statute published by the National
Conference of Commissioners of Uniform State Laws?
a. The Restatement (Second) of Contracts
b. The Uniform Contracts Code
c. The Restatement of Contracts
d. The Uniform Commercial Code
Ans: d. The Uniform Commercial Code
The Uniform Commercial Code (UCC), sometimes simply
referred to as the Code, is a model statute published by the
National Conference of Commissioners of Uniform State Laws
(NCCUSL), a private organization.
Article 2 of the Uniform Commercial Code (UCC) governs contracts
involving _____________.
a. the lease of goods
All rights reserved © 2025/ 2026 |
, Page |2
b. the provision of services
c. the sale of goods
d. commercial paper (e.g., checks and promissory notes)
Ans: c. the sale of goods
The Uniform Commercial Code (UCC) is important because
every state has now adopted all, or substantially all, of the
provisions of the UCC. Article 2 of the Uniform Commercial
Code (UCC) governs contracts involving the sale of goods.
Article 2A of the Uniform Commercial Code (UCC) covers
_____________.
a. the provision of services
b. commercial paper
c. the sale of goods
d. the lease of goods
Ans: d. the lease of goods
The Uniform Commercial Code (UCC) is important because
every state has now adopted all, or substantially all, of the
All rights reserved © 2025/ 2026 |
, Page |3
provisions of the UCC. Article 2A of the Uniform Commercial
Code (UCC) covers the leasing of goods.
The underlying policy goal of Article 2 of the Uniform Commercial
Code (UCC) is to promote commercial _____________ and the
_____________ of business transactions.
a. equity; standardization
b. ethics; standardization
c. fair trade; internationalization
d. efficiency; completion
Ans: d. efficiency; completion
Article 2 of the Uniform Commercial Code (UCC) provides
_____________ and _____________ procedures that merchants and
consumers may rely upon in cases involving _____________
contingencies.
a. simple; non-standardized; foreseen
b. complex; standardized; unforeseen
c. simple; standardized; unforeseen
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, Page |4
d. complex; non-standardized; foreseen
Ans: c. simple; standardized; unforeseen
The Uniform Commercial Code (UCC) facilitates business transactions
by providing merchants and consumers with a standard set of
_____________ for the sale of goods.
a. ADR (alternative dispute resolution) mechanisms
b. default rules
c. procedural requirements
d. contracts
Ans: b. default rules
A default rule is a rule of law that is designed to _____________.
a. automatically benefit the defendant
b. automatically benefit the plaintiff
c. fill "gaps" in business contracts
d. invoke federal supremacy in the event of a breach of contract
(meaning that federal contract law will be used in the event of a
contractual breach)
All rights reserved © 2025/ 2026 |
