10 Fredrick sold his car to Thomas for $4,000. The car's actual value is approximately $10,000. In retrospect, Fredrick is upset with the deal, Can Fredrick either get his car back from Thomas or recover from him the monetary difference ($6,000) accounting for the car's actual value? Mutiple Choice Yes, since this is obviously a bad bargain Yes, but Fredrick can only recover from Thomas the monetary difference ($6,000) accounting f car back value, he cannot get his Yes, but Fredrick can only get his car back from Thomas; he cannot recover the monetary difference ($6.000) representing the car's actual No, this is simply a bad bargain on Fredrick's part No, because the difference between the contract price for the car and the car's actual value, $6.000, does not exceed the $10,000 amount required for a remedy pursuant to Article 2 of the Uniform Commercial Code (UCC)
10 Fredrick sold his car to Thomas for $4,000. The car's actual value is approximately $10,000. In retrospect, Fredrick is upset with the deal, Can Fredrick either get his car back from Thomas or recover from him the monetary difference ($6,000) accounting for the car's actual value? Mutiple Choice Yes, since this is obviously a bad bargain Yes, but Fredrick can only recover from Thomas the monetary difference ($6,000) accounting f car back value, he cannot get his Yes, but Fredrick can only get his car back from Thomas; he cannot recover the monetary difference ($6.000) representing the car's actual No, this is simply a bad bargain on Fredrick's part No, because the difference between the contract price for the car and the car's actual value, $6.000, does not exceed the $10,000 amount required for a remedy pursuant to Article 2 of the Uniform Commercial Code (UCC)
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
Related questions
Question
this is a business law question.
Transcribed Image Text:10
Fredrick sold his car to Thomas for $4,000. The car's actual value is approximately $10,000. In retrospect, Fredrick is upset with the deal. Can Fredrick
either get his car back from Thomas or recover from him the monetary difference ($6,000) accounting for the car's actual value?
Multiple Choice
Yes, since this is obviously a bad bargain
Yes, but Fredrick can only recover from Thomas the monetary difference ($6.000) accounting for the car's actual value; he cannot get his
car back
Yes, but Fredrick can only get his car back from Thomas; he cannot recover the monetary difference ($6,000) representing the car's actual
value
No, this is simply a bad bargain on Fredrick's part
No, because the difference between the contract price for the car and the car's actual value, $6.000, does not exceed the $10,000 amount
required for a remedy pursuant to Article 2 of the Uniform Commercial Code (UCC)
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