Which of the following is true of the UCC?
A)The UCC aims to create a uniform system of accounting among the 50 states.
B)The common law of contracts normally takes precedence over the provisions of the UCC.
C)Article 2 of the UCC prescribes a set of uniform rules for the creation and enforcement of rules of taxation.
D)Article 2A of the UCC prescribes a set of uniform rules for the creation and enforcement of contracts for the lease of goods.

Question

Quizplus · Accepted Answer

The correct statement is that Article 2A of the UCC prescribes a set of uniform rules for the creation and enforcement of contracts for the lease of goods. Option A is incorrect because the UCC is aimed at creating a uniform system of commercial law, not accounting. Option B is incorrect because the UCC provides rules that are generally applicable to commercial transactions, and in cases of conflict with the common law, the UCC provisions may take precedence. Option C is incorrect because the UCC does not govern taxation, which is regulated by federal and state tax laws.

Which of the Following Is True of the UCC