Asked by Estefanie Estupinan on May 07, 2024
Verified
Which of the following is true regarding Kim's statement that the UCC does not apply in the retail arena?
A) Kim is correct in that the UCC does not apply in the retail arena.
B) Kim is partially correct. The UCC does not apply in the retail arena if the parties have had significant past dealings under common law.
C) Kim is partially correct. The UCC does not apply in the retail arena if the parties are located in the same state.
D) Kim is partially correct. The UCC does not apply in the retail arena if the contract at issue is for an amount under $10,000.
E) Kim is incorrect.
Retail Arena
The overall retail environment or marketplace where businesses sell goods and services to consumers.
UCC
The Uniform Commercial Code, a set of laws that provide legal rules and regulations governing commercial or business dealings and transactions in the United States.
Common Law
Common law refers to a legal system in which judicial decisions set precedent and guide the interpretation and application of law, as opposed to written statutes or codes.
- Acquire understanding of the statute of frauds application and the requirement for written agreements for the enforcement of contracts according to the Uniform Commercial Code (UCC).
Verified Answer
Learning Objectives
- Acquire understanding of the statute of frauds application and the requirement for written agreements for the enforcement of contracts according to the Uniform Commercial Code (UCC).
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