Asked by XxCloud StrifexX on May 13, 2024
Verified
________ refer(s) to the goods used or bought primarily for personal purposes.
A) Inventory
B) Fixtures
C) Consumer goods
D) Equipment
Consumer Goods
Products and commodities that are bought and used by individuals and households for personal or household consumption.
Personal Purposes
Activities or objectives pursued for an individual’s own private, personal, or household reasons, as opposed to professional or business reasons.
- Identify the differences among collateral types, including inventory, equipment, and consumer goods, as defined by the Uniform Commercial Code.
Verified Answer
PS
Pradeep SharmaMay 19, 2024
Final Answer :
C
Explanation :
Consumer goods refer to goods used or bought primarily for personal,family,or household use,such as automobiles,furniture,and appliances [UCC 9-102(a) (23)].
Learning Objectives
- Identify the differences among collateral types, including inventory, equipment, and consumer goods, as defined by the Uniform Commercial Code.
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