Suppose Parties to a Contract That Is Under the UCC

question 279

Multiple Choice

Suppose parties to a contract that is under the UCC fail to specify some term. The UCC:

• A) provides appropriate remedies for the breach created by that failure
• B) has rules to fill the gap about a silent term
• C) supplies all necessary terms to complete any commercial contract
• D) requires the terms to be completed before it recognizes a valid contract
• E) provides a special master to arbitrate all open terms

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Definitions:

Confidence Levels

The probability or percentage that specifies how confident one can be in the method used to construct a confidence interval estimate of a population parameter.

Confidence Intervals

Ranges of values, based on sample data, that are used to estimate the likelihood of containing the population parameter of interest within a specified level of certainty.

Standard Error

A statistical measure that indicates the accuracy with which a sample distribution represents a population by using its standard deviation and sample size.

Sample Size

The number of observations or elements selected from a population to study a particular property.