Asked by logan brockway on May 16, 2024
Verified
Prior to the enactment of the UCC,common law courts often refused to enforce both output contracts and requirements contracts because they:
A) failed to specify the quantity of goods to be produced or purchased.
B) lacked legal value to satisfy the consideration requirement.
C) failed to specify the amount of money to be exchanged.
D) included only nominal consideration.
Output Contracts
Agreements in which a seller agrees to sell all the output of a certain product to a particular buyer.
Requirements Contracts
Contracts where one party agrees to purchase all of its needs for a particular commodity from the other party for a certain period.
Common Law
A body of laws based on judicial decisions and customs, rather than statutory laws passed by a legislature.
- Recognize the significance of the Uniform Commercial Code (UCC) in modifying common law rules regarding contracts.
- Ascertain the legal necessities and relevance of output and requirements agreements as outlined in the UCC.
Verified Answer
Learning Objectives
- Recognize the significance of the Uniform Commercial Code (UCC) in modifying common law rules regarding contracts.
- Ascertain the legal necessities and relevance of output and requirements agreements as outlined in the UCC.
Related questions
In A(n)________ Contract,the Distributor Must Use Her Best Efforts to ...
Which of the Following Statements About Output Contracts Is False ...
Alaskan Seafood Enterprises Inc ...
The Convention on Contracts for the International Sale of Goods ...
The CEO of Intermountain Medical Equipment and the VP of ...