Perry and Tim Negotiate a Contract Governed by the UCC

question 20

Multiple Choice

Perry and Tim negotiate a contract governed by the UCC.Tim wants to extend the time to make a warranty claim,so Perry and Tim agree that Tim could sue for breach any time within eight years.Tim sues for breach after six years.Can Tim make a claim?

• A)Yes because there is a 10 year statute of limitations under the UCC
• B)It depends upon the contract terms.
• C)Yes,because the parties are free to negotiate any statute of limitation they want.
• D)No,because parties to a contract are never allowed to negotiate on the statute of limitation.
• E)No,because the UCC requires a lawsuit to be brought within four years and parties to a contract are not free to negotiate a longer time period than the UCC's four year limit.

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Definitions:

Socialist Country

A nation whose government practices socialism, aiming for collective or governmental ownership and administration of the production and distribution of goods.

Redistribution of Income

Government policies or mechanisms aimed at adjusting the distribution of income among a population to achieve social or economic objectives.

Wealthy Classes

Social groups consisting of individuals or families that possess significantly higher amounts of capital, assets, or wealth compared to the average population.

Central Planning Board

A government body responsible for determining the allocation of resources and directing economic activity in a centrally planned economy.