Which types of transactions are governed by the Uniform Commercial Code quizlet?

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Which type of transactions are governed by the Uniform Commercial Code?
What types of contracts are governed by the UCC quizlet?
Which of the following is not regulated by the Uniform Commercial Code?
What is an example of the Uniform Commercial Code?

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Terms in this set (82)

Eminence Front Classic Autos, LLC (Eminence Front), a vintage
car dealer, advertises the sale of a 1964 Ford Thunderbird. Ralph
responds to the advertisement with an offer of $80,000 for the
car. Eminence Front signs a written assurance to keep that offer
open to Ralph for ten (10) days. Five (5) days later, Eminence
Front sells the car to another buyer. At the end of the ten-day
period, Ralph tenders $80,000 for the car, but the car has already
been sold. Ralph then buys the same year, make, and model of
car from another dealer for $90,000 and sues Eminence Front for
breach of contract. The court rules that Eminence Front is liable
to Ralph for breach of contract and orders Eminence Front to pay
Ralph $10,000 in monetary damages. Which of the following rules
governs the execution of this contract?
A) the firm offer rule
B) the mirror image rule
C) the battle of the forms rule
D) the gap-filling rule

Kimberly, a merchant-seller in Kansas, had an oral contract to sell goods to Jane, a merchant-buyer in Memphis, for $100,000. Two (2) days after contracting, Kimberly sends a sufficient written confirmation to Jane of the agreed-upon transaction. Jane, who has reason to know the contents of the written confirmation, fails to object to the contents of the confirmation immediately. Two (2) weeks after receiving the written confirmation, Jane receives a delivery of the goods from Kimberly. Jane immediately sends an objection to the confirmation to Kimberly. Which of the following is correct regarding the contract between Kimberly and Jane?
A) The Statute of Frauds can be successfully asserted against the contract because a letter of objection was sent to the offeror.
B) The offer is valid, since the offeree knew the contents of the confirmation and did not object within ten (10) days.
C) The contract is void, since the offeror did not receive a letter of confirmation from the offeree for delivery.
D) The Statute of Frauds can be successfully raised because the offeree did not sign the contract.

Which type of transactions are governed by the Uniform Commercial Code?

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States. It is not a federal law, but a uniformly adopted state law. Uniformity of law is essential in this area for the interstate transaction of business.

What types of contracts are governed by the UCC quizlet?

The UCC governs contracts for the sale or lease of goods.

Which of the following is not regulated by the Uniform Commercial Code?

The UCC does not apply to: The sale of real estate. Security interests or liens in real estate. Service agreements or employment contracts.

What is an example of the Uniform Commercial Code?

Generally, the UCC applies to sales of goods that involve a merchant. The following examples illustrate when the UCC applies to a contract for the sale of goods. ... When Does the UCC Apply?.