Question

For Goods > _____________, Value set by contract terms; not ___________ value of the goods

a) $500, intrinsic
b) $1000, market
c) $250, actual
d) $750, retail

Answer 1

For goods priced at $500 or more, the value is set by contract terms rather than the intrinsic value, under the UCC's Statute of Frauds.

Step-by-step explanation:

The question pertains to the terms used in contracts regarding the sale of goods, specifically with respect to transactions that fall under the Uniform Commercial Code (UCC). According to the UCC section 2-201, also known as the Statute of Frauds, for the sale of goods priced at $500 or more, a contract must be in writing to be enforceable. This means the value of the goods is set by the contract terms rather than the intrinsic value of the goods. Therefore, the correct answer is: a) $500, intrinsic.