Which is not a requirement for a merchant's confirmation memorandum? a. evidenced by a record b. signed by both parties c. underlying oral agreement d. none of the above

Question

Social Studies

Kyle

26 September, 03:16

Which is not a requirement for a merchant's confirmation memorandum? a. evidenced by a record b. signed by both parties c. underlying oral agreement d. none of the above

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Dominik Collins · Answer 1

b. signed by both parties

Explanation:

The Uniform Commercial Codes includes the law of frauds. This is a state law which generally requires a certain contracts that is in writing and is signed by one of the parties to be enforceable.

It states that a sales agreement which is of $500 or more than that must be evidenced in a written form. The Uniform Commercial Codes confirmation memorandum of merchants allows that two parties or merchants having an oral agreement is bound to have a memo or a letter which is signed by only one party and which stands without objection for at least ten days.

Hence, confirmation memorandum signing by both the two parties is not requirement in UCC.

Thus the correct option is (b).