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.
Business Law Today, Standard Edition, Authors: Roger LeRoy Miller, Edition: 11th Edition, Copyright: 2017, 2014, 2011, Publisher: South-Western Cengage Learning( Chapter 18)
The most important part of business dealings that is cherished by many people is the ability to enter into binding agreements. In the United States, the Statute of Frauds is the guide to successful business agreements and requires that the contracts should be in writing to be enforceable. The aim of the document is to minimize conflicts between parties over promises made when creating contracts. The United States Criminal Justice System requires that the contracts that are of major significance and long-lasting be in writing to reduce chances of conflicts. According to Article 2 of the Uniform Commercial Code (UCC), there is the need for contracts for the sale of goods worth $500 to be in writing (Miller, 2016). The article further states that the agreement should be signed by both parties for them to be forced by the court of law to abide by the contract. Moreover, the written contract does not need to be detailed. The UCC rules are used in cases where such contracts have omitted relevant terms…