Under the UCC, If a Dispute Occurs Over the Existence

question 3

True/False

Under the UCC, if a dispute occurs over the existence of a contract, a purchase order can be sufficient to indicate that there is a contract.

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Definitions:

Decrease in Income

A reduction in the amount of money received by an individual or entity, which can affect consumption and saving behaviors.

Downward-sloping Demand Curve

A graph showing that the quantity demanded of a good or service varies inversely with its price, other things being equal.

Equilibrium Price

The price at which the quantity of a product demanded by consumers equals the quantity supplied by producers.

Consumer Surplus

The divergence between the total payment consumers are willing to make for a product or service and what they really pay.