UCC Aptitude Test - Order of Merchants

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Uniform Commercial Code
General Aptitude Test

This General Aptitude Test on the Uniform Commercial Code is a preliminary set of questions meant to analyze aspiring Merchants and their knowledge of the UCC. This is the first aptitude test in the Legal Awareness category and the most basic, if you have any comments, questions, or suggestions please feel free to Contact us.

Directions:
1. Choose the Answer that contains all applicable uses.
2. Do not use the Internet to find the correct answer.
3. The majority of answers are based off of the text found in the Uniform Commercial Code (UCC).

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1. The Purposes and Policies of the UCC are: *

A. To govern the relationship between an individual and the state in which they reside. B. To simplify, clarify, and modernize law governing commercial transactions and make uniform the law among various jurisdictions. C. To expand commercial practices through custom, usage, and agreement of the parties. D. A and B E. B and C F. All of the above.

2. The UCC was drafted by the: *

A. Board of Governers of the Federal Reserve System B. American Bar Association C. National Conference of Commissioners on Uniform State Laws. D. American Law Institute E. A and C F. C and D

3. If a Provision or Clause of the UCC is held invalid the: *

A. Invalidity does not affect other Provisions and Clauses; they are severable. B. Invalidity affects other Provisions and Clauses; they are not severable.

4. An "Agreement" is: *

A. Recoupment, counterclaim, set-off, suit in equity, and any other proceeding in which rights are determined. B. The total legal obligations that result from a Contract as determined by the UCC. C. A legal document that always attaches a security-interest. D. 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.

5. "Good Faith" is: *

A. Acting with respect to and accordance with the law. B. Buying goods without knowledge that the sale violates the rights of another person in the goods. C. Proceeding without default, breach, or wrongful act or ommission. D. Honesty in fact and observance of reasonable commercial standards of fair dealing. E. All of the above.

6. "Money" is: *

A. A medium of exchange currently authorized or adopted by a domestic or foreign government. B. The present value of the agreement. C. The right to payment. D. Gold, Silver, and other precious metals.

7. The UCC has been enacted and codified in: *

A. None of the states. It is simply a publication of recommended course of business. B. Only the District of Columbia. C. All fifty (50) of the states. D. About half of the states. E. New York, Pennsylvania, Virginia, West Virginia, North Carolina, Maryland, and the District of Columbia.

8. A person has Notice of a Fact if: *

A. It is signed or sealed by the party issuing the notification. B. They have actual knowledge of it or have received a notification of it. C. From all the facts and circumstances known to the person at the time in question, has reason to know that it exists. D. B and C E. All of the above.

9. An action is taken seasonably if it is taken: *

A. Within ten (10) days of notification B. Within twenty-one (21) days of notification. C. Within the time agreed.

10. The mandatory obligations presecribed by the UCC that may not be disclaimed are: *

A. Obligation to a Creditor, Secured Creditor, or to a Trustee in Bankruptcy. B. Good Faith, Diligence, Reasonableness, and Care. C. Good Faith, Honor, and Virtue. D. For the Seller to transfer and deliver and for the Buyer to accept and pay.

11. The "Maker" is: *

A. A person who accepts a draft. B. A person who signs or is identified in a note as a person undertaking to pay. C. A person who signs or is identified in a draft as a person ordering payment. D. A drawee who has accepted a draft. E. A,B, and D. F. B,C, and D. G. All of the above.

12. Observance of Reasonable Commercial Standards is: *

A. Ordinary Care B. Consideration C. Due Diligence

13. A "Negotiable Instrument" means: *

A. A legal document signed by a bank for investment. B. An unconditional promise or order to pay a fixed amount of money. C. A conditional promise or order to pay a fixed amount of money. D. An instrument payable to bearer or to order on demand or at a definite time. E. A and C. F. B and D. G. None of the above.

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