What is the Uniform Commercial Code? What will be an ideal response?

QUESTION

What is the Uniform Commercial Code?

What will be an ideal response?

ANSWER

Answer: The Uniform Commercial Code is a comprehensive commercial law designed to provide uniformity in sales and other commercial law and to describe the rights of buyers and sellers in transactions. It involves warranties, which are a seller’s promises to stand by its products or services, and negotiable instruments, which are documents representing an unconditional promise to pay that are transferable among individuals and businesses.
Explanation: The Uniform Commercial Code is a comprehensive commercial law designed to provide uniformity in sales and other commercial law and to describe the rights of buyers and sellers in transactions. It involves warranties, which are a seller’s promises to stand by its products or services, and negotiable instruments, which are documents representing an unconditional promise to pay that are transferable among individuals and businesses. Warranties can be of two kinds: express, which are guarantees of terms specifically stated by the seller, and implied, which are guarantees of terms legally imposed on the seller. Checks are an example of negotiable instruments.