UCC Stands for _________a.Uniform Common Codeb.Universal Common Codec.Union Commodity Coded.Uniform Commercial Code
Question
UCC Stands for __________
a. Uniform Common Code
b. Universal Common Code
c. Union Commodity Code
d. Uniform Commercial Code
Solution
The acronym "UCC" stands for Uniform Commercial Code. This is a comprehensive set of laws that govern commercial transactions in the United States. The UCC was created to provide a consistent legal framework for businesses and individuals involved in commercial transactions, allowing for uniformity and predictability across different jurisdictions.
The Uniform Commercial Code covers various aspects of commercial law, including sales of goods, leases, negotiable instruments, bank deposits, secured transactions, and more. By establishing a common set of rules, the UCC aims to reduce confusion and disputes that may arise from differing state laws.
In summary, the correct answer from the options provided is: d. Uniform Commercial Code.
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