Section 2A-201(1) of the Uniform Commercial Code (UCC) States Which

question 44

Multiple Choice

Section 2A-201(1) of the Uniform Commercial Code (UCC) states which of the following?

• A) All lease contracts must be in writing.
• B) Lease contracts involving payments of $1,000 or more must be in writing.
• C) All sales contracts must be in writing.
• D) Sales contracts involving payments of $500 or more must be in writing.

Understand the distinctions between full, limited, express, and implied warranties.

Distinguish between shipment and destination contracts and their obligations.

Understand the role of tender of delivery and payment in fulfilling sales contracts.

Recognize the implications of accepting non-conforming goods and the cure options available.

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Definitions:

Consumer Surplus

The variance between the amount consumers are ready to spend on a good or service and the actual amount they pay.

Efficiency

The degree to which resources are used effectively and waste is minimized, often aiming at maximizing output from given inputs.

Highest-value Bidder

The participant in an auction willing to pay the most for the item up for bid.

English Auction

A public sale method where bids are openly made and raised until no higher bid is offered, with the highest bidder purchasing the item.