QUESTION 34

1. The Uniform Commercial Code (UCC) differs from the United Nations Convention on Contracts for the International Sale of Goods (CISG) in that the:

   	A.	UCC does not require contracts to be in writing, while CISG requires contracts for the sale of goods in excess of $300 to be in writing.
   	B.	CISG applies to the sale of consumer transactions, while the UCC governs both consumer and commercial transactions.
   	C.	UCC holds merchants to higher standards in some circumstances, while the CISG does not make a distinction between merchants and nonmerchants.
   	D.	CISG applies to both consumer and commercial transactions, while the UCC applies only to commercial sales of goods.

5 points

QUESTION 35

1. The executive branch of the Securities and Exchange Commission:

   	A.	decides whether a person has violated the securities statutes or not.
   	B.	controls securities transactions by creating and passing regulations.
   	C.	promulgates rules and regulations.
   	D.	brings enforcement actions against alleged violators of the statutes.

5 points

QUESTION 36

1. A major purpose of the Bankruptcy Code is to:

   	A.	ensure that the debtor can pick and choose between creditors.
   	B.	protect honest debtors against the demands for payment by creditors.
   	C.	ensure that a debtor can never be discharged of the debts he owes to the creditors.
   	D.	protect creditors from debtors who try to extend the given time to pay their debt.