Question

When parties are merchants, the ucc requires ______. honesty in law when buying or selling goods to consumers honesty in fact and also reasonable commercial standards of fair dealing honesty in law and also reasonable commercial standards of fair dealing reasonableness in dealing with consumers honesty in fact and honesty in law when buying or selling goods to consumers?

Answer 1

UCC requires consideration for original contracts, but does not require a contract modification (in good faith) to be supported by new consideration
- Writing may be required (e.g. certain merchant/non-merchant contracts where merchant supplies form, statute of frauds) and addition to that UCC’s Purpose are the following: 1. Simplify, clarify, and modernize;2. Recognize important role of custom, usage and agreement;3. Establish uniformity.
The UCC strives to promote deals, not formalism.