Introductory Business Law CLEP Prep Practice Exam

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Prepare for the CLEP Business Law Exam with flashcards and multiple-choice questions. Each question comes with hints and explanations to help you succeed. Master the content and pass your exam!

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What is the purpose of the Uniform Commercial Code (UCC)?

Facilitate Negotiations
Ensure Fairness in Trade
Establish Legal Standard
Promote Competition

The correct answer is: Establish Legal Standard

The Uniform Commercial Code (UCC) is a set of standardized laws and regulations that govern commercial transactions across the United States. Its purpose is to establish a legal standard for commercial practices, making it easier for businesses in different states to engage in trade with each other. Option A is incorrect because the UCC does not facilitate negotiations, it provides a framework for businesses to conduct negotiations within. Option B is incorrect because the UCC does not specifically focus on ensuring fairness, but rather sets a standard for all parties to follow. Option D is incorrect because while the UCC does promote competition in the market, it is not its primary purpose.