CLEP Business Law

Category - Contracts

What set of laws applies to all contracts for the sale or lease of goods?
  1. Common law
  2. Uniform Commercial Code
  3. Case law
  4. Uniform Transactions Act
  5. Personal Property Security Act
Explanation
Answer: B. The Uniform Commercial Code is the set of laws that applies to all contracts for the sale or lease of goods. After 10 years of development, it was released in 1952. It is a comprehensive set of rules covering the sale of goods, lease of goods, banking, funds transfers, letters of credit, auctions, commercial paper, securities, and secured transactions.
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