Under the UCC,the Parties to a Contract Can Shorten the Statute

question 90

True/False

Under the UCC,the parties to a contract can shorten the statute of limitations on a breach of contract but cannot extend it longer than four years.

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Definitions:

Consideration

Something that has value in the eyes of the law, and which a promisor receives in return for a promise.

Fixed Price

A fixed price refers to a pricing strategy where a specific cost is set for a product or service, not subject to change based on fluctuations in market demand or supply.

Provincial Jurisdiction

The legal authority granted to provincial governments to legislate and govern in certain areas that are not within federal jurisdiction.

Discretionary Income

The amount of an individual's income that is left for spending, investing, or saving after taxes and personal necessities have been paid.