CCM Regulatory Framework & Compliance 2

Question 1

Under the Uniform Commercial Code (UCC), which article primarily governs the sale of goods in commercial transactions?

Accepted Answer

Article 2

Answer

UCC Article 2 governs the sale of goods, establishing default rules for commercial sales contracts.

Question 2

A commercial manager discovers that a supplier is violating OSHA workplace safety regulations. What is the FIRST appropriate action?

Accepted Answer

Document the violation and notify legal counsel

Answer

Documenting the violation and notifying legal counsel ensures the company handles the issue properly and protects against downstream liability.

Question 3

Which federal law prohibits price-fixing agreements between competitors in commercial markets?

Accepted Answer

Sherman Antitrust Act

Answer

Section 1 of the Sherman Antitrust Act explicitly prohibits contracts, combinations, or conspiracies in restraint of trade, including price-fixing.

Question 4

What does 'force majeure' in a commercial contract typically protect against?

Accepted Answer

Unforeseeable events beyond a party's control

Answer

Force majeure clauses excuse non-performance due to extraordinary, unforeseeable events such as natural disasters, wars, or government actions.

Question 5

The Foreign Corrupt Practices Act (FCPA) makes it illegal for U.S. companies to do which of the following?

Accepted Answer

Bribe foreign government officials to obtain business

Answer

The FCPA prohibits U.S. persons and entities from bribing foreign officials to obtain or retain business advantages.

(CCM) Certified Commercial Manager Practice Test