Angel, a financial consultant, enters into a contract to advise Randy about the best investments given his financial situation. She writes down everything she states and gives it to Randy in a binder. Which source of law would apply?
A) Article 2A of the UCC
B) Common law
C) Article 2 of the UCC
D) Statutory law

Question

Quizplus · Accepted Answer

The correct source of law for a contract involving services, such as financial advice, is common law. The Uniform Commercial Code (UCC) applies to the sale of goods (Article 2) and leases of goods (Article 2A), not services. Statutory law can apply to contracts but is not specific to the nature of the contract between Angel and Randy, which is service-based.

Angel, a Financial Consultant, Enters into a Contract to Advise