Which of the Following Is True Regarding Whether the Agreement

question 50

Multiple Choice

Which of the following is true regarding whether the agreement between Susie and Kim for the sale of dresses satisfied the writing requirement of the UCC?

• A) The agreement is likely binding because under the UCC, if two merchants have an oral agreement, a written memo from either party to the other is deemed to satisfy the statute of frauds, even if it is not acknowledged by the receiving party. If it is not objected to within 10 days of receipt, the oral agreement, memorialized by the memo, is binding.
• B) The agreement is likely binding because under the UCC, if two merchants have an oral agreement, there is no requirement of a writing so long as another witness is willing to confirm that within 10 days of the agreement, one of the parties memorialized the agreement by a memorandum to the file, even if it was not sent to the other party.
• C) The agreement is binding because the UCC has no requirement of a writing under any circumstances.
• D) The agreement is not binding because Kim never signed anything by which she agreed to the terms of the oral agreement.
• E) The agreement is not binding because Susie did not send Kim a registered letter memorializing the oral conversation as is required by the UCC.

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Definitions:

Government Action

Measures or operations taken by a government to regulate or influence economic or social outcomes.

Political Action

Activities undertaken by individuals or groups to influence or participate in politics or public policy.

Economics of Collective Decision Making

The study of how decisions are made in groups, societies, or organizations where individual choices affect the collective.

Public Choice Analysis

A branch of economics that studies the decision-making processes of government bodies as well as the behavior of voters, politicians, and government officials.