Agents and Brokers

question 40

Multiple Choice

Agents and brokers:

• A) Do not take title to goods.
• B) Are not considered members of the commercial channel.
• C) Represent 1 or 2 manufacturers.
• D) Work on a 'cash and carry' basis.
• E) Physically hold the manufacturer's inventory.

Recognize how the UCC addresses contract formation, including offer, acceptance, and consideration.

Differentiate between sales of goods and transactions not covered by the UCC.

Know the role of merchants in the UCC and how it affects commercial transactions.

Understand how the UCC treats open terms, modifications, and additional terms in contracts.

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Definitions:

Customer Relationship Management

A strategy for managing a company’s interactions with current and future customers, often using data analysis to study large amounts of information.

Industrial Cleaning Products

Chemicals and equipment designed for cleaning operations in factories, warehouses, and other industrial settings.

Value Cocreation

The collaborative process between companies and customers where both parties work together to create better products, services, or experiences.

Major Business Function

Core activities carried out within an organization that are essential to its operation, such as marketing, finance, human resources, and production.