The Code's Requirement of Good Faith in the Performance and Enforcement

question 37

Multiple Choice

The Code's requirement of good faith in the performance and enforcement of every contract imposes:

• A) a greater duty on merchants than consumers.
• B) a greater duty on consumers than merchants.
• C) the same duty on both consumers and merchants.
• D) a greater duty on parties to a sales contract with the purchase price over $500.

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Definitions:

License

A legal authorization that grants the licensee the right to use, operate, or engage in an activity that is otherwise illegal, prohibited, or regulated.

Copyrighted Work

A piece of intellectual property that has been legally registered to secure exclusive rights to its creator for reproduction and distribution.

Ten Years

A time period equal to a decade or 10 consecutive years.

Tangible Property

Physical assets that can be seen, touched, and measured, such as real estate, vehicles, machinery, and other material possessions.