Which of the Following Contracts Requires a Writing Under the UCC,Article

question 31

Multiple Choice

Which of the following contracts requires a writing under the UCC,Article 2?

• A) Jeremy, a full-time student, sold his snow blower to a friend for $450.
• B) Jeremy, a full-time student, purchased a used computer from Office Plus for $300.
• C) A toy manufacturer contracted to sell dolls valued at $10,000 to a department store.
• D) Tobias Department Store contracted to sell Jenny a $400 doll.

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Definitions:

Equity Method

An accounting technique used to assess the profits earned by investments in other companies, where the investment's value is adjusted to reflect the investor’s share of the investee’s net assets.

Journal Entries

are records of financial transactions in the accounting system, ensuring that the debit and credit balances are equal.

Contractual Agreement

A legally binding contract that outlines the terms and conditions between two or more parties, specifying obligations, rights, and duties.

Proportionate Rights

The entitlements of shareholders to maintain their fractional ownership of a company by buying a proportionate number of new shares during issuance.