Question

Martin needs a loan of $400,000 to expand his furniture business. Which law applies to this transaction?

A.
tort law
B.
agency law
C.
uniform commercial code
D.
intellectual property law

Answer 1

The correct option is;

C. Uniform Commercial Code

Explanation:

The Uniform Commercial Code (UCC) is a set of laws put in place to oversee sale of properties and other forms of commercial transactions, including, equipment leasing, borrowing of money nd sales of goods.

The UCC governs all transaction made and has been accepted universally such that businesses are guaranteed that the terms of a contract is enforced as they are enforced in all areas of American authority.

Answer 2

C.

uniform commercial code

Explanation:

The uniform commercial code law are set of laws regulating the sale of properties and all business transactions such as loans, selling goods, leasing equipment and so on. The uniform commercial code law is a state law which controls all commercial transactions in the US. It was first published in 1952 and is adopted by all the 50 states in the US thereby making all commercial transactions easy.