Which of the Following Statements Is True About the UCC

question 16

Multiple Choice

Which of the following statements is true about the UCC and the CISG?

• A) Only the UCC provides guidance in international litigation.
• B) The CISG requirements for the statute of frauds are more lenient than those under the UCC.
• C) Only the UCC covers offer and acceptance.
• D) The CISG requirements for the statute of frauds are the same as those under the UCC.
• E) The UCC preempts the CISG because all states have adopted the UCC in some form.

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Definitions:

Limited Liability Company

In the United States, a company framework where the owners bear no personal responsibility for the firm's financial obligations or liabilities.

General Partnership

A partnership in which the partners divide profits and management responsibility and share unlimited personal liability for the partnership’s debts.

General Partnership

A form of partnership where all partners share unlimited liability for the business's debts and obligations.

Profits

The financial surplus remaining after all expenses, including taxes and operating costs, have been deducted from total revenue.