Asked by
Qudashia Mccoy
on Nov 28, 2024Verified
The UCC does not define the term default . This encourages the parties to a secured transaction to
A) include standards that align with the concept of unconscionability.
B) run counter to the UCC's provision regarding good faith.
C) stipulate the conditions that will constitute a default.
D) provide the creditor with the maximum protection possible.
Unconscionability
describes a situation where a contract or clause is so unfair to one party that no reasonable or informed person would agree to it.
Good Faith
Acting with honest intent and without intent to defraud or seek unfair advantage.
Default
Failure to fulfill an obligation, especially failure to meet a financial obligation or appear in a legal action.
- Gain an understanding of the core principles involved in secured transactions and the value of security interests.
Verified Answer
VC
Learning Objectives
- Gain an understanding of the core principles involved in secured transactions and the value of security interests.