With regard to a contract for the sale and purchase of goods, which of the following is false?
A) Title to the goods may pass to the buyer at the time of contract.
B) Contracts for the sale of goods valued at more than $2 must be in writing in order to be enforceable.
C) The Act provides a number of implied terms that may be added to the contract if the parties failed to mention those particular matters.
D) To guard against loss, a buyer of costly goods should have his insurance in place by the time that title passes to him, because the person with title generally bears the loss.
E) The buyer of used goods has the protection of the implied terms of the Sale of Goods Act, but the Act does not automatically void an exemption clause in a contract for the sale of used goods.

Question

Quizplus · Accepted Answer

The statement that contracts for the sale of goods valued at more than $2 must be in writing to be enforceable is false. The actual threshold for requiring a written contract under the Statute of Frauds, which is part of the Uniform Commercial Code (UCC) in the United States, is for goods valued at $500 or more (this threshold has been updated to $5,000 in the UCC 2022 amendments, but the principle remains that $2 is not the correct threshold).

With Regard to a Contract for the Sale and Purchase