Uncle Phineas has lent you $10,000 to pay tuition and other school-related costs.You've now graduated,and Uncle Phineas is asking about repayment terms.The loan was never evidenced in writing.This transaction falls under the UCC statute of frauds.

Question

Quizplus · Accepted Answer

The UCC statute of frauds applies to contracts for the sale of goods above a certain dollar amount ($500), but not to loans or lending agreements. However, it is still important to have a written agreement in place for any loan or lending transaction to document the terms and protect both parties.

Uncle Phineas Has Lent You $10,000 to Pay Tuition and Other