What Bodies of Law Govern Contracts in the United State

question 15

Multiple Choice

What bodies of law govern contracts in the United State?

• A)Article 2 of the UCC
• B)Common law related to contracts
• C)The United Nations Declaration on Human Rights
• D)Both A & B

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Definitions:

Numerical Terms

Mathematical expressions or figures used to describe quantity, order, or relationships between amounts in data or calculations.

Sensitive

Quick to detect or respond to slight changes, signals, or influences.

Sunk Cost

A cost that has already been incurred and cannot be recovered.

Differential Cost

The difference in cost between two alternative decisions or scenarios, important in the process of making financial decisions.