Which of the Following Observations Is True Under the UCC

question 42

Multiple Choice

Which of the following observations is true under the UCC?

• A) Consideration is not required to support a modification of a contract for the sale of goods.
• B) If there is a conflict between the express terms of the contract and trade usage,the trade usage will prevail.
• C) The buyer or the seller cannot delegate their duties to someone else under any circumstance.
• D) The UCC does not alter the basic contract law when applied to performance of contracts.

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Definitions:

Recession

A significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Supply-Side Economics

An economic theory that advocates for lower taxes and deregulation to stimulate production and economic growth.

Marginal Income Tax Rates

The percentage of tax applied to your income for each tax bracket in which you qualify, reflecting the amount of tax that is paid on an additional dollar of income.

Open-Market Operations

The purchase or sale of Treasury securities by the Federal Reserve; main monetary policy weapon.