Asked by Travis Williams on May 14, 2024
Verified
If a term is left open in a sale of goods contract,that open term or "gap" can be filled by inserting a presumption found in the UCC's "gap-filling" rules.
Gap-Filling Rules
Provisions in law that allow courts or parties to fill in missing terms in a contract.
Sale Of Goods
The transfer of ownership to tangible personal property in exchange for money, other goods, or the performance of service.
- Acknowledge the significance of the Uniform Commercial Code (UCC) in changing traditional rules of contracts, notably in terms of offer specificity and the mechanisms for gap resolution.
Verified Answer
AS
Ankush SodhiMay 16, 2024
Final Answer :
True
Explanation :
If a term is left open in a contract that meets these two standards,that open term or "gap" can be "filled" by inserting a presumption found in the Code's "gap-filling" rules.The gap-filling rules allow courts to fill contract terms left open on matters of price [2-305],quantity [2-306],delivery [2-307,2-308,and 2-309(1)],and time for payment [2-310] when such terms have been left open by the parties.
Learning Objectives
- Acknowledge the significance of the Uniform Commercial Code (UCC) in changing traditional rules of contracts, notably in terms of offer specificity and the mechanisms for gap resolution.
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