Which of the Following Statements Is True of the Convention

question 91

Multiple Choice

Which of the following statements is true of the Convention on Contracts for the International Sale of Goods (CISG) ?

• A) Parties to a contract can choose to adhere to all or part of the CISG, or they may select other laws to govern their transactions.
• B) Traditional contracts on sale of goods are not covered by the CISG.
• C) The CISG is superseded by the Uniform Commercial Code (UCC) in most states.
• D) The CISG requires a written contract for a sale of goods of $500 or more.

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Definitions:

Perfectly Competitive

A market structure characterized by a complete absence of rivalry among the individual firms.

Price Takers

Firms or individuals who accept the market price as given and have no influence to change it due to their small market share.

Market Price

The prevailing rate at which a service or asset is traded in the free market.

Standardized Product

Goods or services that are uniform in quality and performance, allowing them to be interchangeable among consumers.