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Two merchants orally agreed that a wholesaler would sell 600 cases of olive oil to a grocer for $18 per case. The wholesaler sent a signed written confirmation the next day. The grocer received it, had reason to know its contents, and did not send any written objection until day 15.
Which statement is most accurate under UCC 2-201?

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The confirmation is irrelevant because merchant status makes the statute of frauds disappear. The confirmation binds the recipient only if the recipient orally objects within 10 days. Between merchants, a sufficient written confirmation received within a reasonable time can satisfy the statute against the recipient unless written objection is made within 10 days after receipt. The confirmation binds the recipient only if the price is under $500.

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