Which statement is true regarding negotiable instruments in the European Union?

A) If a transaction is defined as a negotiable instrument within a certain country, it must conform to certain general characteristics outlined by the European Economic Council.
B) The European Economic Council adopted the UCC as the law in regard to negotiable instruments in all member countries of the European Union.
C) The European Economic Council adopted the UCC as the law in regard to negotiable instruments in all member countries of the European Union unless a member country has specifically opted out.
D) The European Economic Council suggests the UCC as the law in regard to negotiable instruments in all member countries of the European Union; but in order for it to be applicable, a member country must specifically affirm adoption of the UCC.
E) Negotiable instruments are not recognized.

Question

Susan Mutale · Accepted Answer

Final Answer : A, Explanation :  The European Union has its own set of regulations and directives that member countries must follow, which include general characteristics for negotiable instruments. The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States, not the European Union.

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