Asked by Mohammad Ragheb on Jul 21, 2024
Verified
What is the proper designation for the television, under the UCC?
A) It is a consumer good
B) It is a pledge
C) It is an allonge
D) It is unsecured property
E) It is equipment
Consumer Good
A product or commodity that is produced and purchased to satisfy the personal or family needs of the consumer.
Secured Interest
A legal claim or lien on assets or property, granted to a lender as security for the repayment of a debt, giving the lender rights to the collateral if the debt is not repaid.
- Recognize the elements that define collateral and categorize merchandise in the realm of secured exchanges.
Verified Answer
AW
Angelica WartersJul 28, 2024
Final Answer :
A
Explanation :
The television is properly designated as a consumer good under the Uniform Commercial Code (UCC) because it was bought for personal, family, or household use.
Learning Objectives
- Recognize the elements that define collateral and categorize merchandise in the realm of secured exchanges.
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