If There Is No UCC Rule Governing a Particular Contract

question 34

Multiple Choice

If there is no UCC rule governing a particular contract problem:

• A)freedom of contract is obtained.
• B)unconscionable contract is assumed.
• C)unjust enrichment is assumed.
• D)the common law is applicable.

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Definitions:

Total Utility

The total satisfaction received from consuming a certain amount of goods or services.

Marginal Utility

The incremental utility or happiness a consumer derives from acquiring and using an additional unit of a good or service.

Utility Per Dollar

A measure of the satisfaction or usefulness obtained from purchasing goods or services relative to the amount of money spent.

Diminishing Marginal Utility

The principle stating that as more of a good or service is consumed, the marginal benefit of additional units will decline.