The main objective of Article 3 of the UCC and the law of commercial paper is to:
A) create a nonnegotiable instrument.
B) create legal money.
C) create an instrument to be accepted in place of money in commercial transactions.
D) guarantee the payment of all transactions.
E) prevent fraud.

Question

Quizplus · Accepted Answer

Article 3 of the UCC and the law of commercial paper aim to create an instrument that can be accepted in place of money in commercial transactions, also known as negotiable instruments. These instruments, such as checks and promissory notes, are frequently used in commercial transactions to facilitate payment without the need for physical currency.

The Main Objective of Article 3 of the UCC and the Law