The Uniform Electronics Transactions Act was promulgated in 1999. Which of the following is not correct in regard to the UETA?
A) It applies only to transactions between parties each of which has agreed to conduct transactions by electronic means.
B) It requires all transactions between banks to be electronic.
C) It protects electronic signatures and contracts from being denied enforcement because of the statute of frauds.
D) It gives full effect to electronic contracts and develops a uniform legal framework for their implementation.

Question

The Uniform Electronics Transactions Act was promulgated in 1999.  Which of the following is not correct in regard to the UETA?
A) It applies only to transactions between parties each of which has agreed to conduct transactions by electronic means.
B) It requires all transactions between banks to be electronic.
C) It protects electronic signatures and contracts from being denied enforcement because of the statute of frauds.
D) It gives full effect to electronic contracts and develops a uniform legal framework for their implementation.

Quizplus · Accepted Answer

The Uniform Electronic Transactions Act (UETA) does not require all transactions between banks to be electronic. Instead, it provides a legal framework for the use of electronic transactions and signatures, ensuring they are as valid as their paper counterparts, but it does not mandate the medium of transactions.

The Uniform Electronics Transactions Act Was Promulgated in 1999