Uniform Commercial Code

What is the Uniform Commercial Code?

What is the primary purpose of any uniform code, such as the Uniform Commercial Code (UCC)?

• To establish a federal law that supersedes all state laws.

• To create a standard body of law across multiple jurisdictions.

• To provide guidelines for international commercial transactions.

• To regulate only sales contracts between individual consumers.

Which of the following would be considered "goods" under Article 2 of the UCC?

• Real estate

• Services

• Intellectual property

• Computers

For a firm offer between merchants to be irrevocable for a specified or reasonable time, which of the following is NOT a requirement?

• The offer must be in writing.

• The offer must be signed.

• The offer must be for the sale of goods.

• The offeror must receive consideration to keep the offer open.

If both parties are merchants, under which circumstance would additional terms in an acceptance NOT automatically become part of the contract according to UCC Article 2?

• The additional terms are minor and do not alter the contract.

• The original offer explicitly limits acceptance to its own terms.

• The offeror remains silent regarding the additional terms.

• The additional terms are common in the industry.