Which of the Following Is a True Statement Regarding Whether

question 68

Multiple Choice

Which of the following is a true statement regarding whether the buyer and seller may negotiate a longer time for the statute of limitations than that allowed by the UCC?

• A)The buyer and seller may negotiate a longer time for the statute of limitations than that allowed by the UCC without any limits.
• B)The buyer and seller may not negotiate a longer time for the statute of limitations than that allowed by the UCC.
• C)The buyer and seller may negotiate a shorter time for the statute of limitations than that allowed by the UCC so long as the time period in which to sue does not extend beyond five years from the date of breach.
• D)The buyer and seller may negotiate a longer time for the statute of limitations than that allowed by the UCC so long as the time period in which to sue does not extend past one year from the date of breach.
• E)The buyer and seller may negotiate a shorter time for the statute of limitations than that allowed by the UCC so long as the time period in which to sue does not extend beyond six years from the date of breach.

---

Definitions:

Market Failures

Situations where the allocation of goods and services by a free market is not efficient, often justifying government intervention.

Economic Activities

Actions that involve the production, distribution and consumption of goods and services at all levels within a society.

Legal Right

An entitlement or justified claim enforceable by law, providing individuals or groups with autonomy or protection in certain aspects of their lives.

Resource Allocation

The process of distributing available resources among different uses identified in an economy.