Uncle Phil has lent you $10,000 to pay tuition and other school-related costs. You've now graduated, and Uncle Phil 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 statute of frauds requires that a sales contract of $500 or more be evidenced in writing, and a loan is not a sales contract because it does not involve goods.

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