To simplify,clarify,and modernize the law governing commercial transactions,the UCC permits the use of "open terms" in sales contracts.In the use of "open terms," which of the following is true?
A) The court will use market value and other comparable sales to determine what a reasonable price would have been at the time of delivery if the parties have not settled the price in the contract.
B) If time of payment is not mentioned in the contract, payment within a commercially reasonable time is presumed.
C) If the contract permits the buyer or seller to determine the price during contract performance, the UCC requires the party to do so in good faith.
D) All of the above are true.

Question

Quizplus · Accepted Answer

All of the statements are true regarding the use of open terms in sales contracts according to the UCC. The court will use market value and other comparable sales to determine a reasonable price if it is not specified in the contract, payment is presumed to occur within a commercially reasonable time if not stated, and good faith is required for parties to determine the price during contract performance if the contract permits it.

To Simplify,clarify,and Modernize the Law Governing Commercial Transactions,the UCC Permits