A Business Contract Includes a Term Saying That a Manufacturer

question 8

Multiple Choice

A business contract includes a term saying that a manufacturer will use "smooth-grained sand" in a construction project "if this quality is available.The court will most likely imply that the terms of the contract require the manufacturer to put reasonable efforts into trying to find the specified materials.This is an example of the court introducing an implied term based on

• A)statutory requirements.
• B)previous dealings between the parties.
• C)business efficacy.
• D)principles of statutory interpretation.
• E)the nature of the trade.

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Definitions:

Office Supplies Expense

Office Supplies Expense refers to the cost associated with purchasing office supplies like paper, pens, and printers, recorded as an operational expense.

Physical Count

A method used in inventory management where the actual number of items in stock is manually counted at specific intervals.

Accrued Expenses

Financial obligations that a company has incurred but has not yet paid.

Unpaid Expenses

Expenses that have been incurred but not yet paid, typically recorded as liabilities on a balance sheet.