Assuming Adoption of the UCC,which of the Following Is True

question 31

Multiple Choice

Assuming adoption of the UCC,which of the following is true regarding whether the buyer and seller may negotiate a longer time for the statute of limitations than that allowed by the UCC?

• A) The buyer and seller may not negotiate a longer time for the statute of limitations than that allowed by the UCC.
• B) The buyer and seller may negotiate a longer time for the statute of limitations than that allowed by the UCC without any limits.
• C) The buyer and seller may negotiate a longer time for the statute of limitations than that allowed by the UCC so long as the time period in which to sue does not extend past one year from the date of breach.
• D) The buyer and seller may negotiate a shorter time for the statute of limitations than that allowed by the UCC so long as the time period in which to sue does not extend beyond five years from the date of breach.
• E) The buyer and seller may negotiate a shorter time for the statute of limitations than that allowed by the UCC so long as the time period in which to sue does not extend beyond six years from the date of breach.

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Definitions:

Interest Rates

The cost, represented as a portion of the principal, that a borrower must pay to a lender for borrowing assets.

Present Value

The contemporary value of money or cash flows due in the future, calculated with a designated rate of return.

Received

To have been given, accepted, or acknowledged something that is sent or provided.

Economic Rent

The excess payment made to a factor of production over and above what is needed to keep it in its current use.