Question

The rule that UCC Art. 2 contracts for $500 or more need to be in writing...

The rule that UCC Art. 2 contracts for $500 or more need to be in writing to be enforceable is called:

the merchant's firm offer

the statute of frauds

none of these answers

the good faith requirement
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Answer #1

The rule that UCC Art. 2 (Uniform Commercial Code Article) contracts for $500 or more need to be in writing to be enforceable is called : the statute of frauds.

The article pertains to a legal contract and agreements in writing for various transactions, particularly govern sales of goods or of things which are moveable.

The members signing the legal contract have to abide by the rules mentioned under it.

The UCC contracts are made for the sale of goods and services, worth $500 or more

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