The UCC's Requirement of Good Faith in the Performance and Enforcement

question 37

Multiple Choice

The UCC's requirement of good faith in the performance and enforcement of every contract imposes

• A)a greater duty on merchants than consumers.
• B)a greater duty on consumers than merchants.
• C)the same duty on both consumers and merchants.
• D)a greater duty on parties to a sales contract with the purchase price over $500.

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Definitions:

Misleading Registration Statement

A filing with inaccuracies or omissions significant enough to deceive investors, generally related to securities offerings, violating securities laws and regulations.

Section 11

In various contexts could refer to a specific provision of a legal document or statute; often requires specificity to the law or regulation being referenced.

Civil Action

A legal proceeding in which a plaintiff sues a defendant to resolve a non-criminal dispute.

Intrastate Offering Exemption

A legal exemption allowing securities to be sold within a single state without needing to register with the federal Securities and Exchange Commission.