Question

1. Where did the UCC come from? 2. Is it a good thing for business, or...

1. Where did the UCC come from?

2. Is it a good thing for business, or not? Why?

3. Is the UCC a federal law?

4. Is the UCC recognized in other countries?

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Answer #1

1.

Uniform commercial code (UCC) is nothing but collection of rules for the sales and commercial transaction that regulates financial contract.

The types of contracts that are encompassed by the provisions of the UCC are: -

  • Article 3 - This deals with the contract where one individual need to give money to another individual which is referred as cheque.
  • Article 5 - This deals with the letter of credit where the individual that present the letter will receive the amount of money mentioned in the letter by the issuer.
  • Article 9 - This deals with the secured transactions which means that if the debtor default on their obligation then they have to turn over the possession of something specifically intangible property.
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