Under common law, output or requirements contracts were not favored, meaning the Court would rarely uphold it as a valid contract. Does the UCC allow these types of contracts?

Group of answer choices

Yes, as long as the parties deal in good faith an adhere to standards of reasonableness.

No, regardless of whether the parties are acting in good faith or adhering to standards of reasonableness.

The Mirror Image Rule is substantially changed under the UCC and interprets any new or different terms as an additional proposal to an existing contract.

Group of answer choices

True

False

By _______________ all of the states except ____________________ had adopted or amended the Uniform Commercial Code as proposed by the National Conference of Commissioners on Uniform State Laws.

Group of answer choices

1988, Louisiana

1968, Alaska

1968 Louisiana

1988, Florida

If a transaction is between two merchants, the parties are held to a lower standard of dealing than non-merchants.

Group of answer choices

True

False

The rules with respect to offer and acceptance have been greatly relaxed under the UCC to accommodate the realities of the business world.

Group of answer choices

True

False

Kincaid Music orders CDs from Unicorn Worldwide, a supplier of CDs. Without any communication, Unicorn Worldwide ships Kincaid Music's order without communicating its acceptance. Was a contract formed?

Group of answer choices

Yes, under the UCC a contract is formed.

No, under the UCC a contract is not formed.