GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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ARC
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NSC
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UCC
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AIRSCS
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Detailed explanation-1: -11. Which one of the following is a set of statutes enacted to provide consistency among the States’ commercial laws? Uniform Commercial Code (UCC) includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading.
Detailed explanation-2: -Uniform Commercial Code Article 2 governs the sale of goods. It was part of the original Uniform Commercial Code approved in 1951. Article 2 represented a revision and modernization of the Uniform Sales Act, which was originally approved by the National Conference of Commissioners on Uniform State Laws in 1906.
Detailed explanation-3: -The UCC applies to contracts for the sale of goods to or by a merchant. Under the UCC, additional consideration is not necessary to modify a written contract, as long as the modification is entered into in good faith.