Which of the Following Is True of Oral Contracts for the Sale

question 18

Multiple Choice

Which of the following is true of oral contracts for the sale of goods of $500 or more?

• A)All oral contracts are unenforceable unless they are for the sale of goods of $500 or more.
• B)An oral contract is not enforceable,unless a written confirmation is received and signed by one party,and sent to the other for approval.
• C)An oral contract by a merchant is enforceable if a written confirmation is received by another merchant who does not object to within 10 days.
• D)An admission in court about the terms of the contract does not negate the general rule.

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Definitions:

Vendor-Managed Inventory

A supply chain management strategy where the supplier is responsible for maintaining the inventory levels at the buyer's premises.

Vendor-Managed Inventory

A supply chain initiative where the supplier assumes the responsibility of managing inventory levels for the customer.

Inventory Control

The regulation of inventory levels within a business to manage supply, minimize costs, and prevent shortages or surpluses.