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The $500.00 limit for the Statute of Frauds in the Uniform Commercial Code was set a...

The $500.00 limit for the Statute of Frauds in the Uniform Commercial Code was set a number of years ago. Do you think that this amount should be increased? Explain your answer. If yes, what amount do you think it should be increased to and how did you arrive at this new proposed amount? If no, explain why you think it should not be increased.

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ANSWER: The Section 2-201 of the Uniform Commercial Code (UCC) statue of frauds states that the contracts for the sale of goods for $500 or more should be written to be enforceable. The written contract is not required to be detailed. In fact, even in case it incorrectly or fails to include several contract terms (such as, unit price; date of delivery), it is still enforceable. If the terms are omitted, there are usually UCC rules that will supply them. Most of such rules include default provisions that state that the term of supply will be whatever is reasonable in the circumstances. Thus as it provides so much flexibility thus in my opinion there is no need to increase the limit. Also the section provides flexibility the context of a fast-paced business world and will enforce a contract between merchants, when one party sends a notice of confirmation to the other party and the other party has reason to know of the confirmation notice however takes no action

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