Which of the following is true for common law and the Uniform Commercial Code (UCC)?
A) The UCC requires consideration for a "firm offer" while common law does not.
B) There is a vast difference between common law and the UCC on issues of duress.
C) Unlike the UCC, in common law, an offer can be revoked at any time prior to acceptance unless the offeror has given the offeree an option.
D) The UCC and common law require consideration to modify a contract.
E) The common law and the UCC have a Statute of Frauds.

Question

Quizplus · Accepted Answer

Both common law and the UCC have a Statute of Frauds, which requires certain types of contracts to be in writing. Option A is incorrect as the UCC and common law both require consideration for a firm offer. Option B is incorrect as there is not a vast difference between common law and the UCC on duress. Option C is incorrect as the UCC and common law both require an option to keep an offer open for a stated period. Option D is incorrect as the UCC and common law both require consideration to modify a contract.

Which of the Following Is True for Common Law and the Uniform