Which of the Following Statements Is True About the UCC

question 18

Multiple Choice

Which of the following statements is true about the UCC and the CISG?

• A)Only the UCC covers offer and acceptance.
• B)Only the UCC provides guidance in international litigation.
• C)The CISG requirements for the statute of frauds are the same as those under the UCC.
• D)The CISG requirements for the statute of frauds are more lenient than those under the UCC.
• E)The UCC pre-empts the CISG because all states have adopted the UCC in some form.

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Definitions:

Inferior Good

A type of good for which demand decreases as the income of the consumer increases, due to the availability of more desirable substitutes.

Diminishing Marginal Utility

The principle that as a person consumes more of a good, the satisfaction gained from consuming an additional unit decreases.

Comparative Advantage

The ability to produce a good at a lower opportunity cost than others can produce it. Relative costs determine comparative advantage.

Marginal Utility

The additional satisfaction or benefit a consumer receives from consuming one more unit of a good or service.