Perry and Tim Negotiate a Contract Governed by the UCC

question 73

Multiple Choice

Perry and Tim negotiate a contract governed by the UCC.Perry is worried about being sued,so Perry and Tim negotiate an agreement wherein each will only have 16 months to pursue a claim for breach.Tim,claiming the UCC gives him four years to sue,files a claim after three years.Can Tim go forward with his claim?

• A)No,because parties to a contract are never allowed to negotiate on the statute of limitations.
• B)Yes because the UCC does allow him four years and parties cannot change that.
• C)Yes,because the UCC allows him four years and parties can only extend the UCC statute of limitations,not shorten it.
• D)It depends upon the contract terms.
• E)No because buyers and sellers are free to negotiate contractually a shorter time period than the UCC's four year statute of limitations.

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Definitions:

Consumer Preferences

The subjective tastes and desires that dictate the choices made by consumers regarding goods and services they wish to purchase.

Equilibrium Prices

The price at which the quantity of goods supplied is equal to the quantity of goods demanded in the market.

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A temporary suspension of the imposition of taxes on gasoline, often considered as a measure to reduce fuel prices for consumers.

Congestion

The state of being overcrowded or overfilled, often causing delays or inefficiencies, particularly in transport systems or networks.