The Uniform Commercial Code Is Different from the Common Law

question 28

Multiple Choice

The Uniform Commercial Code is different from the common law statute of frauds rule,as it:

• A)is easier to satisfy.
• B)requires all contracts to be in writing.
• C)applies to service contracts only.
• D)applies to real estate contracts only.

---

Definitions:

Beginning Inventories

The value of goods available for sale at the start of an accounting period, carried over from the end of the previous period.

Ending Inventories

The worth of merchandise ready for purchase at the conclusion of a financial period.

Interest Expense

Costs incurred by a borrower for the use of borrowed money, typically paid as a rate on loans or debt.

Borrowing Money

The act of obtaining funds from a lender under the agreement to repay them, usually with interest, over a specified period.