Final answer:
An oral sales contract for goods priced at less than $500 is enforceable, making the statement false. The Uniform Commercial Code allows such oral contracts, differentiating from rules regarding minimum resale price maintenance agreements, which restrict competition and are not enforceable.
Step-by-step explanation:
The statement that an oral sales contract for goods priced at less than $500 is unenforceable is false. According to the Uniform Commercial Code (UCC), which governs sales contracts in the United States, an oral contract for the sale of goods is enforceable if it is for a price of $500 or less. This is known as the "Statute of Frauds" provision within the UCC. However, for goods priced more than $500, the contract must be in writing to be enforceable unless it meets certain exceptions provided by the UCC.
It is important to note that this rule does differ from those regarding certain price maintenance agreements between manufacturers and dealers. For instance, a manufacturer is not allowed to enforce a minimum resale price maintenance agreement which would require dealers to sell goods at a minimum price, as this practice restricts competition. Nonetheless, a manufacturer can suggest minimum prices and cease business with dealers who consistently sell below those suggested prices.