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d1i1m1o1n [39]
3 years ago
10

Article 2 of the Uniform Commercial Code simplified and streamlined commercial transactions involving the sale of goods. Which e

lement of traditional contract law formation was modified or relaxed by the UCC
Business
1 answer:
melisa1 [442]3 years ago
8 0

Complete Question:

Article 2 of the Uniform Commercial Code simplified and streamlined commercial transactions involving the sale of goods. Which element of traditional contract law formation was modified or relaxed by the UCC?

a.         Requirement of consideration for contract modifications.

b.         Offers must have reasonably certain and definite terms to be valid.

c.          The terms of the acceptance must exactly match those of the offer (“mirror image rule”).

d.         All of the above.

Answer:

The element of traditional contract law formation that was modified or relaxed by the Uniform Commercial Code (UCC) is:

c.          The terms of the acceptance must exactly match those of the offer (“mirror image rule”).

Explanation:

The "mirror image rule" specifies that when a contract offer is accepted, the terms must be the same as those in the initial offer.  However, Article 2 of the UCC modified this "mirror image rule" by specifying that the offeree's acceptance is based on the offeror's terms unless otherwise specified by the offeree.  Any additional terms are regarded as some proposed additions and do not become part of the contract unless both parties are merchants.

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Answer: A. Nori foreseeably and justifiably relied on Mica's promise to her detriment.

Explanation:

From the question, we are informed that Nori files a suit against Mica to enforce an oral contract that would otherwise be unenforceable under the Statute of Frauds.

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Wi-Fi, Inc., reported a net income of $50,000 for the current year. The beginning and ending balances for Retained Earnings for
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The total value of dividends paid to the shareholders of Wi-Fi, Inc. for the year given the change in retained earnings and income is $20,000.

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14. Suppose that the production of $1 million worth of steel in Canada requires $100,000 worth of taconite. Canada’s nominal tar
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Answer:

The effective rate of protection for Canada’s steel industry is 21%

Explanation:

The computation of the effective rate is shown below:

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And the tariff rate for steel is 20%

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