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
Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

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

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1. If a contract must be in writing, what constitutes a sufficient writing? 2. What are...
1. If a contract must be in writing, what constitutes a sufficient writing? 2. What are the types of damages courts can award 3. What is where the parole evidence rule and the statute of frauds apply 4. What are the forms of acceptable performance of a contractual duty? 5. What is a firm offer, how can it arise, and what is its effect? 6. What is the UCC’s default “place of delivery”? 7. What is the UCC and when...
Contracts exist to make business matters more predictable. True False According to commonly understood contract principles,...
Contracts exist to make business matters more predictable. True False According to commonly understood contract principles, consideration means: A forbearance to contract That there must be a bargaining that leads to an exchange between the parties Something of value is given for something else of value – such as a gift None of the above The Statute of Frauds requires: That parties promise not to commit fraud That the contracting parties give legal consent, absent coercion A misrepresentation of a...
Which of the following would not be considered a good for purposes of Article 2? Minerals,...
Which of the following would not be considered a good for purposes of Article 2? Minerals, including oil and gas, to be extracted from the land by the seller. Investment securities. Growing crops and timber. The unborn young of livestock. All of the above are considered goods under Article 2 of the UCC. The basic distinction between contracts that are covered by Article 2 of the UCC and those covered by common law is Question 1 options: 1) Dependent upon...
how blogs differ from other types of more formal writing styles. 2. Complete all four required...
how blogs differ from other types of more formal writing styles. 2. Complete all four required postings in the blog worksheet as per below. Background: You are the Director of Communications for a large Canadian-based multinational Fortune 500 corporation. It is your responsibility to write the company blog that is posted on the internet for all stakeholders and the general public to review. The Blog Worksheet outlines four scenarios (situations) for which you must post a response. When writing your...
1. Pauline's Print Mart (PPM) discussed with Martin Mason printing up elegant brochures advertising Mason's business,...
1. Pauline's Print Mart (PPM) discussed with Martin Mason printing up elegant brochures advertising Mason's business, at a price of $700. Mason took possession of about 500 brochures; then, pressed by a big national competitor, he quit that business. He then refused to pay for the 1000 brochures still stored in boxes at PPM, denying he had ordered any more than the 500 he'd taken. As to the remaining 1000 brochures . . . a) Mason will not win-none of...
A is an online store that carries both new and antique jewelry. B primarily focuses on...
A is an online store that carries both new and antique jewelry. B primarily focuses on the repair of antique watches, although he sometimes sells watches through direct email advertisements to regular customers, such as A. One day, B sent A an email advertisement that inadvertently included a very rare antique watch that C had left with B for repair. A called B on the telephone and said that he would take the watch at the advertised price of $500,...
Multiple Choice Choose the single choice among the 4 choices that best completes the statement or...
Multiple Choice Choose the single choice among the 4 choices that best completes the statement or answers the question. 1. The UCC says that a lessee’s obligations under a commercial finance lease a.are the same as under any other type of lease. b.are irrevocable and independent from the financer’s obligations. c.depend on the total monetary obligation owed by the lessee. d.can be disclaimed by the lessee if done promptly. 2. A merchant’s firm offer a.must be supported by consideration to...
i. True or False -Under the UCC, a contract for the sale of goods that includes...
i. True or False -Under the UCC, a contract for the sale of goods that includes open terms is void. T/F -Oral promises of fact made during the bargaining process are not express warranties. T/F -Warranties of title are assumed to exist in UCC transactions. T/F ii. Multiple choice -The requirements of a contract do not include: a. Consideration b. Practicality c. Legality d. Capacity -Defenses against the enforcement of a contract include: a. The lack of a party’s genuine...
The differences & similarities between the federal & state court systems. 2. The structure of the...
The differences & similarities between the federal & state court systems. 2. The structure of the Washington state court system; i.e. the trial court of general jurisdiction, the intermediate appellate court, the state supreme court. 3. Remember, Washington is in the 9 th Circuit Court of Appeals. 4. Under both the Washington state and federal court system, there is one appeal as of right. Appeals to the Washington Supreme Court(in the state system), or to the U.S. Supreme Court in...
of Contract can you please go into detail with for 400 words or more thank you...
of Contract can you please go into detail with for 400 words or more thank you Johnny, a neighbor who is not a merchant under the Uniform Commercial Code, offers to buy a car from Mark for $30,000. Mark asks Johnny for some time to think about it. Johnny says sure. He writes on a piece of paper that he will keep the offer open for two weeks. A week later Johnny sees another car he would rather buy. He...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT