Asked by
Noble Reeves
on Nov 21, 2024
Verified
How are the obligations of sellers/lessors and buyers/lessees are determined?
A) The obligations of the parties are determined by the terms the parties outline in agreements, but not by custom or rules outlined by the UCC.
B) The obligations of the parties are determined by the rules outlined by the UCC, but not by terms the parties outline in agreements or by custom.
C) The obligations of the parties are determined by terms the parties outline in agreements and rules outlined by the Uniform Commercial Code, but not by custom.
D) The obligations of the parties are determined by the rules outlined by the UCC and by custom, but not by terms the parties outline in agreements.
E) The obligations of the parties are determined by the terms the parties outline in agreements, custom, and rules outlined by the UCC.
Uniform Commercial Code (UCC)
A statutory source of contract law in the United States that is applicable to transactions involving the sale of goods. The UCC was created in 1952 and adopted by all 50 states, the District of Columbia, and the Virgin Islands; it may be modified by each state to reflect the wishes of the state legislature.
Sellers/Lessors
Sellers or lessors are individuals or entities that provide goods or property for sale or lease to buyers or lessees, respectively.
Buyers/Lessees
Individuals or entities that purchase or lease goods and services.
- Identify how contractual obligations of sellers/lessors and buyers/lessees are determined, encompassing the UCC, custom, and agreements.
Verified Answer
HA
Learning Objectives
- Identify how contractual obligations of sellers/lessors and buyers/lessees are determined, encompassing the UCC, custom, and agreements.