UCC Section 2-204 Provides Three Important Rules That Enable Parties

question 27

Multiple Choice

UCC Section 2-204 provides three important rules that enable parties to make a contract quickly and informally.Which of the following is NOT one of these rules?

• A)The parties may make a contract in any manner sufficient to show that they reached an agreement.
• B)A writing sufficient under the Statute of Frauds may be a simple memo,a letter,or informal note,but need not itself be a contract.
• C)The UCC will enforce a deal even though it is difficult to say exactly when it was formed.
• D)A court may enforce a bargain even though one or more terms were left open.

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Definitions:

Supply Curve Shift

A change in the position of the supply curve, either to the left or right, indicating a change in the quantity supplied at every price level, due to factors other than price.

Downward-Sloping Demand

The economic principle that, all else being equal, as the price of a good or service decreases, consumer demand for it will increase.

Equilibrium Price

The price at which the quantity of a product offered for sale equals the quantity of the product in demand.

Assembly Line Technology

A manufacturing process in which parts are added to a product in a sequential manner to create a finished product faster and more efficiently.