What does the Uniform Commercial Code provide for liquidated damages if the parties do not otherwise agree to them?

Multiple Choice

• That the nonbreaching seller may claim against a breaching buyer 20 percent of the purchase price or $500, whichever is more, as liquidated damages.
• That the nonbreaching seller may claim against a breaching buyer 30 percent of the purchase price or $1,000, whichever is more, as liquidated damages.
• That the nonbreaching seller may claim against a breaching buyer 20 percent of the purchase price or $500, whichever is less, as liquidated damages.
• The Uniform Commercial Code does not establish an amount for liquidated damages if the parties do not otherwise agree to them.
• That the nonbreaching seller may claim against a breaching buyer 30 percent of the purchase price or $1,000, whichever is less, as liquidated damages.