Asked by Morgan Burroughs on Jun 23, 2024
Verified
The Uniform Commercial Code is a federal law that applies to commercial transactions among the states.
Uniform Commercial Code
A comprehensive set of laws governing all commercial transactions in the United States, intended to harmonize law among the states.
Federal Law
Legislation enacted by the national government of a country, which applies to all its constituents.
- Pinpoint the initial legislative sources and how they have evolved in the legal system of the U.S.
Verified Answer
JM
Julie MinchukJun 27, 2024
Final Answer :
False
Explanation :
The Uniform Commercial Code (UCC) is not a federal law, it is a set of standardized laws and regulations that have been adopted, at least in part, by all 50 states in the United States to define "commercial transactions". While the UCC has been adopted by every state, each state may adopt, modify or reject UCC provisions, which means there can be some variations in the application of UCC rules among the states.
Learning Objectives
- Pinpoint the initial legislative sources and how they have evolved in the legal system of the U.S.
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