UCC Section 2-204 Provides Three Important Rules That Enable Parties

question 44

Multiple Choice

UCC Section 2-204 provides three important rules that enable parties to make a contract quickly and informally.These include all but which of the following?

• A) The parties may make a contract in any manner sufficient to show that they reached an agreement.
• B) A writing sufficient under the statute of frauds may be a simple memo, a letter, or informal note, but need not itself be a contract.
• C) The UCC will enforce a deal even though it is difficult to say exactly when it was formed.
• D) A court may enforce a bargain even though one or more terms were left open.

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Definitions:

General Ledger

The primary accounting record of a company that uses double-entry bookkeeping, containing all the financial accounts and transactions.

Reference Column

An additional column in financial documents used to include explanatory notes or cross-references.

Manual Accounting Systems

Traditional methods of maintaining financial records and calculations by hand or using basic software, without automated processes.

Electronic Systems

Integrated assemblies of electronic components and circuits designed to perform a specific function or a range of functions.