The uniform commercial code is a basic set of guidelines adopted by most states that set forth the rules of contracts and the law pertaining to sales. The code regulates the performance of goods, sellers' warranties, and the maximum allowable rates of interest and carrying charges.

Question

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The first line of the given text states that "The uniform commercial code is a basic set of guidelines adopted by most states that set forth the rules of contracts and the law pertaining to sales." This statement is true because the Uniform Commercial Code (UCC) is a set of laws that govern commercial transactions, including contracts and sales.

The Uniform Commercial Code Is a Basic Set of Guidelines