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CCCM Exam Article 1 With Correct Questions And Answers 2024
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CCCM Exam Article 1 With Correct Questions And Answers 2024
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CCCM Exam Article 1 With CorrectQuestions And Answers 2024
UCC .underlying .purposes .and .policies .(3) .- .correct .answer.(1) .to .simplify, .clarify, .and
.modernize .the .law .governing .commercial .transactions; .(2) .to .permit .the .continued
.expansion .of .commercial .practices .through .custom, .usage, .and .agreement .of .the
.parties; .and .(3) .to .make .uniform .the .law .among .the .various .jurisdictions
"Action" .- .correct .answer.in .the .sense .of .a .judicial .proceeding, .includes .recoupment,
.counterclaim, .set-off, .suit .in .equity, .and .any .other .proceeding .in .which .rights .are
.determined.
"Aggrieved .Party" .- .correct .answer.means .a .party .entitled .to .pursue .a .remedy
"Agreement" .- .correct .answer.as .distinguished .from ."contract", .means .the .bargain .of .the
.parties .in .fact, .as .found .in .their .language .or .inferred .from .other .circumstances, .including
.course .of .performance, .course .of .dealing, .or .usage .of .trade .as .provided .in .Section .1-303
"Bank" .- .correct .answer.means .a .person .engaged .in .the .business .of .banking .and
.includes .a .savings .bank, .savings .and .loan .association, .credit .union, .and .trust .company
"Bearer" .- .correct .answer.means .a .person .in .possession .of .a .negotiable .instrument,
.document .of .title, .or .certificated .security .that .is .payable .to .bearer .or .indorsed .in .blank
"Bill .of .lading" .- .correct .answer.means .a .document .evidencing .the .receipt .of .goods .for
.shipment .issued .by .a .person .engaged .in .the .business .of .transporting .or .forwarding
.goods
"Branch" .- .correct .answer.includes .a .separately .incorporated .foreign .branch .of .a .bank.
"Burden .of .establishing" .- .correct .answer.a .fact .means .the .burden .of .persuading .the .trier
.of .fact .that .the .existence .of .the .fact .is .more .probable .than .its .nonexistence.
"Buyer .in .ordinary .course .of .business" .- .correct .answer.means .a .person .that .buys .goods
.in .good .faith, .without .knowledge .that .the .sale .violates .the .rights .of .another .person .in .the
.goods, .and .in .the .ordinary .course .from .a .person, .other .than .a .pawnbroker, .in .the
.business .of .selling .goods .of .that .kind. .A .person .buys .goods .in .the .ordinary .course .if .the
, .sale .to .the .person .comports .with .the .usual .or .customary .practices .in .the .kind .of .business
.in .which .the .seller .is .engaged .or .with .the .seller's .own .usual .or .customary .practices. .A
.person .that .sells .oil, .gas, .or .other .minerals .at .the .wellhead .or .minehead .is .a .person .in .the
.business .of .selling .goods .of .that .kind. .A .buyer .in .ordinary .course .of .business .may .buy .for
.cash, .by .exchange .of .other .property, .or .on .secured .or .unsecured .credit, .and .may .acquire
.goods .or .documents .of .title .under .a .preexisting .contract .for .sale. .Only .a .buyer .that .takes
.possession .of .the .goods .or .has .a .right .to .recover .the .goods .from .the .seller .under .Article .2
.may .be .a .buyer .in .ordinary .course .of .business. ."Buyer .in .ordinary .course .of .business"
.does .not .include .a .person .that .acquires .goods .in .a .transfer .in .bulk .or .as .security .for .or .in
.total .or .partial .satisfaction .of .a .money .debt.
"Conspicuous" .- .correct .answer.with .reference .to .a .term, .means .so .written, .displayed, .or
.presented .that .a .reasonable .person .against .which .it .is .to .operate .ought .to .have .noticed
.it. .Whether .a .term .is ."conspicuous" .or .not .is .a .decision .for .the .court. .Conspicuous .terms
.include .the .following: .(A) .a .heading .in .capitals .equal .to .or .greater .in .size .than .the
.surrounding .text, .or .in .contrasting .type, .font, .or .color .to .the .surrounding .text .of .the .same
.or .lesser .size; .and .(B) .language .in .the .body .of .a .record .or .display .in .larger .type .than .the
.surrounding .text, .or .in .contrasting .type, .font, .or .color .to .the .surrounding .text .of .the .same
.size, .or .set .off .from .surrounding .text .of .the .same .size .by .symbols .or .other .marks .that .call
.attention .to .the .language.
"Consumer" .- .correct .answer.means .an .individual .who .enters .into .a .transaction .primarily
.for .personal, .family, .or .household .purposes.
"Contract" .- .correct .answer.as .distinguished .from ."agreement", .means .the .total .legal
.obligation .that .results .from .the .parties' .agreement .as .determined .by .the .Uniform
.Commercial .Code .as .supplemented .by .any .other .applicable .laws.
"Creditor" .- .correct .answer.includes .a .general .creditor, .a .secured .creditor, .a .lien .creditor,
.and .any .representative .of .creditors, .including .an .assignee .for .the .benefit .of .creditors, .a
.trustee .in .bankruptcy, .a .receiver .in .equity, .and .an .executor .or .administrator .of .an
.insolvent .debtor's .or .assignor's .estate.
"Defendant" .- .correct .answer.includes .a .person .in .the .position .of .defendant .in .a
.counterclaim, .cross-claim, .or .third-party .claim.
"Delivery" .- .correct .answer.with .respect .to .an .instrument, .document .of .title, .or .chattel
.paper, .means .voluntary .transfer .of .possession
"Document .of .title" .- .correct .answer.includes .bill .of .lading, .dock .warrant, .dock .receipt,
.warehouse .receipt .or .order .for .the .delivery .of .goods, .and .also .any .other .document .which
.in .the .regular .course .of .business .or .financing .is .treated .as .adequately .evidencing .that .the
.person .in .possession .of .it .is .entitled .to .receive, .hold, .and .dispose .of .the .document .and
.the .goods .it .covers. .To .be .a .document .of .title, .a .document .must .purport .to .be .issued .by
.or .addressed .to .a .bailee .and .purport .to .cover .goods .in .the .bailee's .possession .which .are
.either .identified .or .are .fungible .portions .of .an .identified .mass.
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