Describe one difference between the UCC and common law. Explain the significance of the distinction as it pertains to commercial transactions. What is the most common method of perfecting a security interest? Describe the process. Under the UCC, what is a merchant and why is the designation important? Under the UCC, what is the difference between rejection and revocation? Explain the importance of the distinction. What is a holder in due course? What is the significance of being a holder in due course