As we learned, Article 2 of the Uniform Commercial Code has generally superseded the common law with respect to the sale of goods in most U.S. jurisdictions. Which of the following best describes when the rules of Article 2 will govern a transaction?

Group of answer choices

All transactions for the purchase and sale of goods

All transactions for the purchase and sale of goods exceeding $500

Only transactions involving merchants for the purchase and sale of goods

Only transactions involving merchants for the purchase and sale of goods exceeding $500