Explain is the transaction between holcomb and tcg

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Reference no: EM1353522

1. Is the transaction between Holcomb and TCG covered by the Uniform Commercial Code (UCC)? Why or why not?

2. Is Holcomb a merchant under the UCC? Why or why not?

3. Is the parties' contract a valid contract under the UCC? Why or why not?

4. Suppose that Holcomb and TCG meet in October in an attempt to resolve their problems. At that time, the parties reach an oral agreement that TCG will continue to work without demanding full payment of the past due amounts and Holcomb will pay TCG $5,000 per week. Assuming the contract falls under the UCC, is the oral agreement enforceable? Why or why?

Reference no: EM1353522

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