If a Sales or Lease Contract Does Not State the Time

question 63

True/False

If a sales or lease contract does not state the time of performance then it is unenforceable under the UCC.

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Definitions:

Gross Profit

The amount remaining from sales revenue after subtracting the cost of products sold, prior to removing expenses for overhead, wages, taxes, and interest.

Operating Expenses

Costs incurred during the normal operations of a business, such as sales and marketing, administration, and cost of goods sold.

Gross Margin

The difference between sales and the cost of goods sold, which measures the profitability of the products sold before other expenses are deducted.

Net Income

The total profit of a company after all expenses and taxes have been deducted from total revenues.