Question

True or False:

1. The UCC equivalent of a common law “option” is a “firm offer.”                           

2. The “mirror image” rule for common law acceptances has been adopted by the UCC.                                

3. A firm offer under the UCC is irrevocable for up to six months.                              

4. Unlike common law contracts, UCC contracts can be modified without new or additional consideration being provided.

5. For sales contracts, the UCC rejects the common law parol evidence rule.              

6. A UCC contract for the sale of goods with a total price of $400 or more must be in writing under the Statute of Frauds in order to be enforceable.                                

7. The common law rule of substantial performance is very similar to the perfect tender rule adopted by the UCC.                                                                                

8. Although common law contracts have adopted a number of UCC contract performance doctrines, the obligation of good faith is not among them.                  

9. The UCC generally follows common law principles governing mitigation and liquidation of damages.   

10. UCC Article 2 governs the sale of both real and personal property.

Answer 1

Here are the answers for your questions :-

1. The UCC equivalent of a common law ''option'' is a ''firm offer''. - TRUE

2. Thye ''mirror image'' rule for common law acceptances has been adaopted by the UCC - TRUE

3. A firm offer under the UCC is irrevocable for up to six months- FALSE

4. Unlike common law contacts, UCC contracts can be modified without new or additional consideration being provided- TRUE

5. For sales contracts, the UCC rejects the common law parol evidence rule - TRUE

6. A UCC contract for sale of goods with atotal price of $400 or more must be in writing under the statute of Frauds in order to be enforceable.- TRUE

7. The common rule of substantial performance is very similar to the perfect tender rule adopted the by the UCC.- - TRUE

8. Although common law contracts have adopted a number of UCC contract performance doctrines, the obligation of good faith is not among them- FALSE

9. The UCC generally follows common law principles governing mitigation and liquidation of damages.- TRUE

10. UCC Article 2 governs the sale of both real and personal property- FALSE.

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