Under the UCC, Parol Evidence May Not Be Used

question 319

Multiple Choice

Under the UCC, parol evidence may not be used:

• A) "if the court finds the writing to have been intended also as a complete and exclusive statement of the terms of the agreement"
• B) "if the court does not find the writing to have been intended also as a complete and exclusive statement of the terms of the agreement"
• C) "if the court cannot find the writing to have been intended also as a complete and exclusive statement of the terms of the agreement"
• D) if both parties do not agree
• E) if there is an unwritten contract between the parties

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Definitions:

Financial Statements

Reports that provide an overview of a company's financial condition, including balance sheet, income statement, and cash flow statement.

Extraordinary Gains

Unusual and infrequent gains that are reported separately from regular income because they result from events that are not part of the company's usual business activities.

Footnote Disclosure

Additional information provided at the bottom of financial statements, offering more detail on specific figures or accounting policies.

Statement of Retained Earnings

A financial statement that outlines the changes in a company's retained earnings over a specific period.