What Is the Legal Significance of a Confirmation Letter in a Contract

question 15

Multiple Choice

What is the legal significance of a confirmation letter in a contract covered by the Uniform Computer Information Transactions Act?

• A)It eliminates the authentication requirement for contracts involving less than $5,000.
• B)It eliminates the authentication requirement for all contracts involving $5,000 or more.
• C)It eliminates the authentication requirement for contracts involving $5,000 or more if both parties are merchants.
• D)It requires that a confirmation letter be sent in addition to the authentication requirements in all contracts involving $5,000 or more.

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Definitions:

Money Supply

The total amount of money available in an economy at a specific time, including cash, coins, and balances held in checking and savings accounts.

Tax Rates

The percentage at which an individual or corporation is taxed.

Interest Rates

The price paid for the use of borrowed money or the earnings from an investment, represented as a percentage of the total amount invested or borrowed.

Consumer Durable

A category of consumer goods characterized by their long life span, such as appliances, vehicles, and furniture.