The UCC Article 2 Statute of Frauds Provision Applies to the Sale

question 59

Multiple Choice

The UCC Article 2 statute of frauds provision applies to the sale of goods for the price of __________ or more.

• A) $50
• B) $100
• C) $500
• D) $1,000

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Definitions:

Income Taxes Payable

Represents the amount of taxes on income that a company owes to the government but has not yet paid.

Accounts Payable

Short-term financial obligations to suppliers or creditors for goods and services received but not yet paid for.

Equipment

Tangible assets used in the operation of a business, not intended for sale.

Selling Price

The price at which a product or service is sold to customers, determining the revenue generated from sales activities.