Explain how the Uniform Commercial Code applies to the sale of goods and interstate commerce.
DefinitionExplanation should define the Uniform Commercial Code (UCC) as a set of model statutes (laws) formulated by the American Law Institute and the National Conference of Commissioners on Uniform State Laws that are recommended to states for adoption in order to more consistently apply contract law across states.
Related Standards of Learning
History and Social Science
The student will apply social science skills to understand the role of government in the Virginia and United States economies by
- describing the provision of government goods and services that are not readily produced by the market;
- describing government’s establishment and maintenance of the rules and institutions in which markets operate, including the establishment and enforcement of property rights, contracts, consumer rights, labor-management relations, environmental protection, and competition in the marketplace;
- investigating and describing the types and purposes of taxation that are used by local, state, and federal governments to pay for services provided by the government;
- analyzing how Congress can use fiscal policy to stabilize the economy;
- describing the effects of the Federal Reserve’s monetary policy on price stability, employment, and the economy; and
- evaluating the trade-offs in government decisions.