The "Confirmatory Memorandum" Exception to the UCC's Statute of Frauds

question 13

Multiple Choice

The "confirmatory memorandum" exception to the UCC's statute of frauds provision:

• A)requires that the memorandum be signed by the party to be bound.
• B)requires that the memorandum be sent within ten days after the contract is made.
• C)requires that both parties receive the memorandum and have reason to know of its contents.
• D)requires that both parties to the contract be merchants.

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Definitions:

Probability

A measure of how likely an event is to occur, ranging from 0 (impossible event) to 1 (certain event).

Union

An organized association of workers formed to protect and further their rights and interests; or, in mathematics, the set containing all the distinct elements of some given sets.

Dependent Events

Events where the outcome or occurrence of the first affects the outcome or occurrence of the second.

Independent Events

Two or more events where the occurrence of one event does not affect the probability of the other(s).