Under UCC Section 2-201, contracts for the sale of goods of $500 or more fall within the statute of frauds and must be in writing to be enforceable. Exceptions to this rule include all but which of the following?
A) the agreement is between a merchant seller and a non-merchant buyer
B) one of the parties to a suit admits in writing or in court to the existence of an oral contract
C) a buyer accepts and uses the goods
D) the contract is between merchants, and the merchant who is sued received a written confirmation of the oral agreement and did not object within 10 days.
D
You might also like to view...
Write a note on the market planning process
What will be an ideal response?
An order or promise in an negotiable instrument must be conditional
Indicate whether the statement is true or false
Spiraling crude oil prices prompted AMAR Company to purchase call options on oil as a price-risk-hedging device to hedge the expected increase in prices on an anticipated purchase of oil. On November 30, 20X8, AMAR purchases call options for 20,000 barrels of oil at $100 per barrel at a premium of $4 per barrel, with a February 1, 20X9, call date. The following is the pricing information for the term of the call: Futures PriceDateSpot Price (for Feb 1, 20X9, delivery)November 30, 20X8$100 $101 December 31, 20X8 105 106 February 1, 20X9 110 The information for the change in the fair value of the options follows:DateTime Value Intrinsic Value Total Value November 30, 20X8$80,000 $0 $80,000 December 31, 20X8 30,000 100,000 130,000 February
1, 20X9 0 200,000 200,000 On February 1, 20X9, AMAR sells the options at their value on that date and acquires 20,000 barrels of oil at the spot price. On April 1, 20X9, AMAR sells the oil for $112 per barrel.Based on the preceding information, the entries made on April 1, 20X9 will include: A. a debit to Cost of Goods Sold for $2,240,000. B. a credit to Cost of Goods Sold for $100,000. C. a credit to Oil Inventory for $2,240,000. D. a debit to Other Comprehensive Income for $200,000.
Which of the following statements is correct?
A) An owner of a C corporation is taxed on his or her proportionate share of earnings. B) S shareholders are only taxed on distributions. C) S shareholders are taxed on their proportionate share of earnings that are distributed. D) S shareholders are taxed on their proportionate share of earnings whether or not distributed.