Question

Which of the following statements about the Uniform Commercial Code (UCC) is correct?

a. The UCC is a federal statute governing businesses engaged in interstate commerce.
b. The UCC is used only in Texas, California and Louisiana because it is based on French and Spanish civil law.
c. The UCC is a provision of Article I, Section 8 of the U.S. Constitution.
d. The UCC consists of nearly identical statutes enacted by the states to provide businesses with consistent and predictable laws.

Answer 1

D. The UCC consists of identical statutes enacted by the states to provide businesses with consistent and predictable laws.

Step-by-step explanation:

The Uniform Commercial Code (UCC) is a standardized set of laws and regulations for conducting commercial transactions.

Initially, the UCC code was established as it was increasingly difficult for companies to carry out commercial transactions through state lines, given the various state laws.

The Uniform Commercial Code (UCC) is important as it helps companies in different states to make transactions with each other by providing a standard legal and contractual framework.

The UCC code consists of nine articles. The articles of the UCC govern several types of transactions, including banking and loans.