Uniform Commercial Code (UCC) Flashcards
Contracts are the foundation upon which _ is built
Our economic system
UCC stands for
Uniform commercial code
Body of law called _ deals with contracts
Uniform commercial code
UCC governor conduct between _ and _
Merchants
Parties dealing with merchants
Legal rights to _ something you buy are governed by UCC (3)
Return
Get replacement parts
File suit
Legal right to replacement parts, return, file suit also governed by _
Warranty
Uniform commercial codes also govern transactions involving _ and _
Security instruments
Negotiable instruments
A security instrument is a document noticing public that an item of personal property is
Security for debt of owner of that property to another person
Security instrument is typically filed at _ or _
Courthouse
Public repository
Security instrument similar to
Mortgage on home
If you fail to pay mortgage, lender has right to foreclose and _
Sell your house on auction
