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A fact is material if Multiple Choice It concerns a basic assumption in the agreement that could change the value of the contract. The reasonable person would find it misleading during the negotiation process of the contract. It is any fact stated in contract negotiations that either party made. The fact is objectively verifiable as true or false. One of the greatest values of the UCC is that Multiple Choice It provides common law guidelines for commercial transactions. It provides standardized and simple procedures for merchants in commercial transactions. It allows guarantees of certain fundamental Constitutional rights in commercial transactions. It establishes very strict requirements for valid and enforceable commercial transactions. The four required elements of a contract are Multiple Choice Mutual assent, writing, legal purpose and capacity Mutual assent, consideration, capacity and legal purpose O Writing, mutual assent, notarized and capacity O Express terms, writing, consideration and legal purpose