Suppose that World Corp. signs a contract to build a lumber processing plant in Siberia. If World Corp. signs a second contract agreeing to take partial payment for the plant in the form of lumber products produced at the plant, it is engaging in:
A) barter.
B) switch trading.
C) offset.
D) compensation trading.
E) a hybrid countertrade arrangement.
D
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Indicate whether the statement is true or false
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What will be an ideal response?
Does the statement "The sale of goods will not be enforceable unless there is some writing, signed by the defendant, indicating that the parties reached an agreement" accurately reflect the UCC's basic rule?
a. No. It should also state that the contract must be signed by both parties, not just the defendant. b. No. It should state that the contract must require all of the terms of the agreement to be in writing. c. No. It should state that the contract must be for the sale of goods of $500 or more. d. Yes, the wording accurately reflects the UCC's basic rule.
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Answer the following statement true (T) or false (F)