Explain the Difference Between a Closed-Fact and Open-Fact Situation

question 106

Essay

Explain the difference between a closed-fact and open-fact situation.

---

Definitions:

UCC

An extensive assembly of legal norms, the Uniform Commercial Code, presides over the entirety of commercial exchanges in the United States.

Merchant

An entity that sells goods or services in exchange for money, usually within the retail or business-to-business markets.

UCC Applies

Refers to situations where the Uniform Commercial Code, a set of laws governing commercial transactions in the United States, is applicable.

Sale Of Goods

A transaction where tangible products are exchanged between a seller and a buyer for a specified price.