Assuming Adoption of the UCC, Which of the Following Is

question 103

Multiple Choice

Assuming adoption of the UCC, which of the following is true regarding whether the buyer and seller may negotiate a shorter time for the statute of limitations than that allowed by the UCC?

• A) The buyer and seller may not negotiate a shorter time for the statute of limitations than that allowed by the UCC so long as the time period is not less than two years.
• B) The buyer and seller may negotiate a shorter time for the statute of limitations than that allowed by the UCC without any limits.
• 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 is not less than one year.
• D) 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 is not less than six months.
• 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 is not less than two years.

---

Definitions:

Debtor's Petition

A formal request filed by an individual or business seeking relief from debt through bankruptcy proceedings.

Debts Dischargeable

Obligations that can be eliminated through bankruptcy, meaning the debtor is no longer legally required to pay them.

Chapter 13

A type of bankruptcy in the United States that allows individuals with regular income to develop a plan to repay all or part of their debts under court supervision.

Debtor's Total Obligations

This encompasses all debts and financial commitments that a debtor is responsible for repaying, including loans, bills, and other liabilities.