The UCC Does Not Apply to Contracts for the Sale

question 6

True/False

The UCC does not apply to contracts for the sale of goods if the value of the goods is less than $500.

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Definitions:

Supply

the total amount of a specific good or service that is available to consumers.

Inferior Good

A type of good for which demand decreases as the income of the individual increases, inversely related to income.

Normal Good

A good for which demand increases as the income of the consumer increases, reflecting a direct relationship between income and demand.

Income Increases

A rise in the amount of money earned by individuals or households, often measured on an annual basis.