Which of the Following Is the Correct Regarding Good Wood's

question 37

Multiple Choice

Which of the following is the correct regarding Good Wood's contention that the duty of good faith is imposed on all parties equally?

• A) Good Wood is incorrect because the UCC imposes no duty of good faith.
• B) Good Wood is incorrect because the UCC mandated duty of good faith requires honesty in fact in regard to all transactions regardless of the parties involved.
• C) Good Wood is incorrect because the UCC mandated duty of good faith imposes a higher duty than honesty of fact in regard to sellers, that of reasonable negotiation considering the position of buyers.
• D) Good Wood is incorrect because the UCC mandated duty of good faith imposes a higher duty than honesty of fact in transactions involving amounts in excess of $500, that of reasonable conduct considering all circumstances.
• E) Good Wood is incorrect because the UCC mandated duty of good faith imposes a higher duty than honesty in fact on merchants, that of reasonable commercial standards of fair dealing.

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Definitions:

Assertiveness

An individual’s capacity to make requests, actively disagree, express positive and negative personal feelings, and stand up for himself or herself without attacking another.

Amiable

A social style characterized by high responsiveness and low assertiveness. People with this style are considered relationship specialists; they enjoy working in supportive and helpful roles.

Effectiveness

The degree to which something is successful in producing a desired result or outcome.

Productivity

The effectiveness of productive effort, especially in industry, as measured in terms of the rate of output per unit of input.