Which of the Following Is Essential for a Revocation of Acceptance

question 44

Multiple Choice

Which of the following is essential for a revocation of acceptance to be effective?

• A)The seller must be notified of the revocation within a reasonable time.
• B)The seller's promise to timely cure of the nonconformity is not met.
• C)The nonconformity must be discovered before acceptance is given.
• D)The nonconformity substantially impairs the value of the goods to the buyer.

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Definitions:

Economic Profit

The remaining profit once every cost, including those that are explicit and those that are implicit, is deducted from the total revenue.

Market Price

The current price at which a good or service can be bought or sold in a marketplace, determined by the forces of supply and demand.

Units

Basic quantities or measurements, such as liters, meters, or kilograms, used to specify magnitudes of physical quantities.

Supply Curve

A graph showing the relationship between the price of a good and the amount of the good that suppliers are willing to sell, holding other factors constant.