Question

Which of the following is correct regarding common law and the Uniform Commercial Code (UCC)?

1. Whether the UCC sales article is applicable does not depend on the price of the goods involved.
2. The common law rules apply to contracts for the sale of a business but NOT to contracts for real estate.

(A) I. only

(B) II. only

(C) both I. and II.

(D) neither I. nor II.

Answer 1

The correct Answer is

(A) I. Only

Whether the UCC sale article is applicable does not depend upon the price of goods involved

Commercial law is a one of uniform act that have put into law with goal of harmonizing the law of sales and other commercial transaction, In the article 2-102 of U.C.C , "Goods" means all the thing that are movable at time of identification to a contract of sale but the term does not include the information about the money in which the price is to be paid so the UCC sale article is applicable that does not depend upon the price of goods involved

Second statement is not correct because the Common law control most agreement between parties whether oral or written, that involve goods, service, money, employment contract and real estate deals.