Assuming Adoption of the UCC, Which of the Following Is

question 49

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.
• 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:

Characteristics

describe the distinct features or qualities that help in identifying, defining, or classifying subjects, objects, or concepts.

Utility-Maximizing Rule

An economic principle that states individuals allocate their income in a way that maximizes their total utility, based on the marginal utility per unit of price for goods or services.

Algebra

A branch of mathematics that deals with symbols and the rules for manipulating these symbols, representing quantities and expressing mathematical relationships.

Marginal Utility

The added satisfaction a consumer gains from consuming an additional unit of a good or service.