Question

Bob sells you a bike at his garage for $501; this transaction is governed by the UCC, not common law.

True
False

Answer 1

The transaction of selling a bike for $501 is indeed governed by the Uniform Commercial Code (UCC) since it's a sale of goods, and specifically falls under Article 2 of the UCC.

Step-by-step explanation:

The statement that the transaction of selling a bike for $501 is governed by the Uniform Commercial Code (UCC) and not common law is true. The UCC is a comprehensive set of laws governing all commercial transactions in the United States. This includes sales of goods, which are defined as movable items. Since a bike is classified as a good, and the transaction is a sale, the UCC would apply. Specifically, Article 2 of the UCC deals with the sale of goods and would govern this transaction. The common law, by contrast, typically governs contractual agreements that do not involve the sale of goods, such as services.