Social Studies High School

When the parties to a transaction are ______, the Uniform Commercial Code imposes a higher standard of good faith.
Multiple choice question.
owners
consumers
merchants
adults

Answers

Answer 1

Correct option is merchants. When the parties to a transaction are merchants, the Uniform Commercial Code imposes a higher standard of good faith. The Uniform Commercial Code (UCC) is a comprehensive set of commercial laws governing all commercial transactions in the United States.

The UCC, which was first introduced in the United States in 1952, provides a set of consistent rules and guidelines for businesses and individuals engaged in commercial transactions.The UCC includes provisions governing the sales of goods, leases of goods, negotiable instruments, bank deposits, funds transfers, letters of credit, bulk transfers, and secured transactions.

In the case of the question, the parties to a transaction are merchants when the Uniform Commercial Code imposes a higher standard of good faith. Merchants are people who trade in goods related to their business. The UCC places a higher standard of good faith on merchants because they are more familiar with the rules of commerce and are expected to conduct business in a more professional manner.

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