The Main Difference Between the UCC Requirement for a Writing

question 40

Multiple Choice

The main difference between the UCC requirement for a writing for a contract for the sale of goods and the common law rule is that the

• A)UCC requires the signature of only one party.
• B)UCC does not require all the terms of the agreement to be in writing.
• C)common law requires only an indication that the parties reached an agreement.
• D)common law requires only the signature of the defendant and the quantity of goods being sold.

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Definitions:

Foreign Exchange Gain

A profit arising from an increase in the value of one currency relative to another in the foreign exchange markets.

Mexican Pesos

The official currency of Mexico, symbolized as MXN, used for all financial transactions within the country.

Income Statement

A financial statement that shows the company’s revenues, expenses, and profits or losses over a specific period, providing insights into its operational efficiency and profitability.

Two-Transaction Perspective

An approach in accounting or finance where a transaction is considered to have two distinct parts or effects, often used in foreign currency transactions and hedges.