Explain When a Writing Is Required Under the UCC for a Contract

question 5

Essay

Explain when a writing is required under the UCC for a contract for the sale of goods and what is needed in that writing. Identify three exceptions to the requirement of a writing or record for the sale of goods.

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Definitions:

Prior Service Cost

Costs recognized when a pension plan is amended to increase benefits for employee service in prior periods, typically amortized over time.

Unrecognized Net Gain

A profit that has been realized but not yet recorded in the financial statements of a company.

Projected Benefit Obligation

The present value of estimated future pension benefits owed to employees, based on expected salary increases.

Prior Service Cost

Costs that arise when a pension plan is amended to increase benefits for employee service provided in prior periods, recognized over the service periods of affected employees.