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The Uniform Commercial Code (UCC) is a unified set of statutes designed to govern almost all of these transactions:
Real Estate Purchases
Commercial Transactions
Employment Contracts
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- The term “express contract” only applies to written contracts.
True
False - The “Statute of Frauds” provides that certain contracts must be in writing to be enforceable.
True
False - Which of the following is NOT an exception to the UCC rule that contracts for the sale of goods of $500 or more must be in writing:
Specially manufactured goods that cannot be resold easily
Admissions in Court
Executed Agreements
Oral contracts between merchants with no written confirmation required - The parol evidence rule provides that oral statements made before signing a written contract may always be used in court to change or contradict the terms of the written contract.
True
False
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