What Are the Rights of the Parties Under the UCC

question 14

Multiple Choice

What are the rights of the parties under the UCC to provide for remedies in addition to those provided by the UCC?

• A) Parties to a commercial sales agreement may provide for remedies in addition to those provided by the UCC.
• B) Parties to a commercial sales agreement may not provide for remedies in addition to those provided by the UCC.
• C) Parties to a commercial sales agreement may provide for remedies in addition to those provided by the UCC only if both sides are represented by an attorney.
• D) Parties to a commercial sales agreement may provide for remedies in addition to those provided by the UCC only if both parties are merchants.
• E) Parties to a commercial sales agreement may provide for remedies in addition to those provided by the UCC only in transactions involving over $10,000 in value.

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Definitions:

Economic Profit

The variance between collective earnings and complete expenditures, encompassing both overt and covert costs.

Normal Profit

The minimum amount of profit needed for a company to remain competitive in the market; it equals the total opportunity costs of a firm.

Economic Profits

The surplus or profit earned by a firm or individual after accounting for both explicit and implicit costs.

Purely Competitive Industry

An industry characterized by many small firms producing identical products where no single firm can influence the market price.