According to the Uniform Commercial Code (UCC), _____

question 30

Multiple Choice

According to the Uniform Commercial Code (UCC) , _____.

• A) the sale of goods between two parties is always legal
• B) the doctrine of promissory estoppel will always overrule a written contract
• C) the sale of goods costing $500 or more is not enforceable without a writing or other specified evidence
• D) there is no need for the formality of writing during sales transactions

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Definitions:

Cash Dividends

Payments made by a corporation to its shareholder members. It represents the share of earnings distributed.

Stock Dividends

A payment to shareholders in the form of additional shares of stock rather than cash.

Paid-in Capital

Funds raised by a company through the sale of its equity securities, excluding any par value of the shares.

Retained Earnings

The portion of net earnings not distributed as dividends to shareholders but retained by the company for reinvestment or debt payment.