The UCC Will Permit an Incomplete or Slightly Ambiguous Contract

question 40

Multiple Choice

The UCC will permit an incomplete or slightly ambiguous contract to be enforced using each of the following criteria except:

• A) past commercial conduct.
• B) industry standards or norms.
• C) judicial input of any terms necessary to maintain fairness.
• D) correspondence or verbal exchanges between the parties.

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Definitions:

Balance

The equality between the sum of the debits and credits in an account, or the stability between opposing forces.

Compounded Annually

Refers to interest calculated once a year on the principal, including any previously earned interest.

Balance

In mathematics, the state in which both sides of an equation or an inequality have equal values or weights.

Compounded Monthly

The process of applying interest on both the initial principal and the accumulated interest of previous periods on a monthly basis.