Which of the Following Statements Is True of the Uniform

question 30

Multiple Choice

Which of the following statements is true of the Uniform Commercial Code (UCC) ?

• A) It expressly recognizes the concept of an unconscionable contract.
• B) It always imposes the same standards on merchants and nonmerchants.
• C) It regards everyone covered by the UCC as a merchant.
• D) It has no writing requirement unless the contract contains a provision requiring that modifications for terminations be in writing.

Understand the concept and importance of a budget in personal finance.

Identify different sources of income for college students, including student loans, scholarships, grants, and work-study programs.

Differentiate between fixed and variable expenses.

Recognize the necessity of tracking expenses to effectively manage a budget.

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Definitions:

Parol Evidence Rule

A legal principle that prevents parties in a contract dispute from presenting evidence of prior or concurrent oral agreements that would contradict the written terms of the contract.

Rent

The payment made by a tenant to a landlord for the use of a property, room, or apartment for a designated period.

Profits

The financial gain derived from a business activity after deducting expenses.

Rectification

The legal process of amending a document or agreement to reflect what the parties intended to agree upon.