Which of the Following Statements Is True About the Statute

question 82

Multiple Choice

Which of the following statements is true about the statute of frauds and e-commerce?

• A)The Uniform Electronic Transactions Act reflects the decision that particular electronic transactions may constitute a "written copy" and therefore have legal significance.
• B)The Uniform Electronic Transactions Act was adopted as law in only half of all states.
• C)The Uniform Electronic Transactions Act adopts the requirements of the statute of frauds regarding the validity of online transactions.
• D)Statutes that addressed electronic transactions have been around for years.
• E)The Uniform Electronic Transactions Act was passed in 2000.

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Definitions:

Market Rate

The prevailing interest rate available in the marketplace for loans or savings, often influenced by the central bank's policies, supply and demand, and other economic factors.

Negative Excess Reserves

A situation where banks hold less in reserves than what is required by regulations, a condition that could lead to liquidity issues.

Required Reserves

The minimum amount of funds that a bank must hold in reserve against specified deposit liabilities.

Actual Reserves

Actual reserves refer to the total amount of funds that a bank has on deposit at the Federal Reserve bank of its district, plus its vault cash, constituting its total legal reserves.