Asked by Becca Moore on Apr 29, 2024
Verified
Alaskan Seafood Enterprises Inc. ,a wholesaler of fresh fish,agrees with Red Lobster Inc.to sell 12 boxes of fresh-caught lobsters at 'market value.' The contract is unenforceable because the UCC requires a price for the goods.
Market Value
The estimated amount for which an asset or service would exchange between a willing buyer and seller in an arm's length transaction.
UCC
The Uniform Commercial Code, a set of laws that govern commercial transactions in the United States, intended to standardize regulations across the states.
Wholesaler
A type of intermediary in the distribution channel that purchases goods in large quantities from manufacturers or importers and sells them to retailers or other businesses.
- Discern the executability and provisions of contracts as stipulated by the Uniform Commercial Code (UCC).
Verified Answer
Learning Objectives
- Discern the executability and provisions of contracts as stipulated by the Uniform Commercial Code (UCC).
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