Question

Giantco is a large oil company that operates throughout the United States. With respect to the states that Giantco does business in, the UCC has been adopted by, and applies in:_________
a. all of the states, in whole or in part.b. only the states on the Atlantic and Pacific coasts.c. none of the states, to date.d. only the lower forty-eight states—not Alaska or Hawaii.

Answer 1

Answer:

a. all of the states, in whole or in part.

Explanation:

In this scenario, Giantco is a large oil company that operates throughout the United States of America. With respect to the states that Giantco does business in, the Uniform Commercial Code (UCC) has been adopted by, and applies in all of the states, in whole or in part because the U.C.C applies only to the extent that it has been adopted by a state.

The Uniform Commercial Code (UCC) is a set of comprehensive, codified, and modernized business laws that regulate commercial transactions and financial contracts across different state in the United States of America.

The U.C.C isn't a federal law, but a uniformly adopted state law with the sole aim and purpose to create uniformity of law across multiple court jurisdictions in the United States of America. It is called the backbone of American commerce because it has been adopted by all 50 states, in whole or in large part and thus, enhancing commercial transactions or business to thrive significantly.