The Uniform Commercial Code Contains a Statute of Frauds Rule

question 9

Multiple Choice

The Uniform Commercial Code contains a statute of frauds rule relating to sales of personal property, specifically:

• A) goods.
• B) chattel paper.
• C) real property.
• D) prenuptial agreements.

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Definitions:

Quorum of Shareholders

The minimum number of shareholders required to be present at a meeting in order to legally conduct business.

Operating Policy

Guidelines or principles that direct the operations and decision-making processes within an organization or business.

Board of Directors

A group of individuals elected by shareholders to oversee the management and make strategic decisions for a corporation.

Articles of Incorporation

Legal documents filed with a state government to legally establish a corporation.