Question

Which of the following statements about the Uniform Commercial Code (UCC) is true? Group of answer choices The UCC contract formation includes offer, acceptance, and consideration. The UCC governs land and houses. The UCC article 2 governs contracts for services and securities. The UCC seeks to provide uniformity to contracts law among the different states.

Answer 1

Answer:

1- The UCC contract formation includes offer, acceptance and consideration.

Explanation:

Elements "Offer" and "Acceptance" together form mutual assent. Also, in order to be enforceable, the contract must be for a legal purpose and parties to the contract must have capacity to enter into the contract, that part is related to consideration.

Offer → gives power of acceptance to another party, besides it includes the agreement´s essential elements (they have to be definite and certain).

Acceptance → must be a mirror image of the offer.

Consideration → All common-law contract must contain this element as a valid one. It means that there must be a bargained for interexchange of acts or promises, both parties incurring new legal detriment or obligations as a consequence of the contract.