Asked by ricardo caraballo on May 11, 2024
Verified
Under the UCC,________ means that a buyer has given any consideration sufficient to support a simple contract.
A) bona fide
B) pure
C) good faith
D) value
Consideration
Something of value exchanged between parties in a contract that induces them to enter into the agreement.
Simple Contract
An agreement made between parties that does not necessarily have to be in writing but is binding and enforceable by law.
- Understand the principles of genuine intent, worth, and legitimate dealings according to the Uniform Commercial Code.
Verified Answer
SP
Sarah PolyniceMay 16, 2024
Final Answer :
D
Explanation :
Under the Code,good faith means "honesty in fact in the conduct or transaction concerned" [1-201(19)] and a buyer has given value if he has given any consideration sufficient to support a simple contract [1-201(44)].
Learning Objectives
- Understand the principles of genuine intent, worth, and legitimate dealings according to the Uniform Commercial Code.
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