Purchase Planner Question:

Tell me about the statute of limitations under the UCC?

Answer:

The statute of limitations under the UCCC is generally four years. In certain cases, the UCC allows the statute of limitations to be reduced to a one-year minimum.

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Is a company liable for a purchase order valued at $100,000 placed by a purchasing agent that who has been granted authority only up to $50,000?	What words "shall" and "may" mean?