The CISG Supersedes the UCC in Any Situation to Which

question 23

True/False

The CISG supersedes the UCC in any situation to which either could apply.

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Definitions:

Transferable

The quality of an asset that allows it to be passed or conveyed from one entity to another.

Forfeiture

The loss of any right, property, or money, usually because of a breach of legal obligation or failure to fulfill some condition.

Financial Covenant

A clause in a loan agreement that requires the borrower to fulfill certain financial conditions, aiming to protect the lender’s interests by monitoring the financial performance and health of the borrower.

GAAP

Generally Accepted Accounting Principles, a collection of commonly followed accounting rules and standards for financial reporting in the United States.