The Statute of Frauds applies to which contracts under Articles 2 and 2A of the UCC?
A) The Statute of Frauds applies to all contracts.
B) The Statute of Frauds applies to sales contracts of goods costing more than $100 and lease contracts involving payments of $500.
C) The Statute of Frauds applies to sales contracts of goods costing more than $500 and lease contracts involving payments of $1,000.
D) The Statute of Frauds applies whenever the value of the contract is greater than $1,000.
E) The Statute of Frauds applies whenever the value of the contract is greater than $5,000.

Question

Quizplus · Accepted Answer

The Statute of Frauds under the UCC requires that sales contracts for goods costing more than $500 and lease contracts involving payments of $1,000 or more be in writing to be enforceable.

The Statute of Frauds Applies to Which Contracts Under Articles