Which of the Following Statements Best Describes the Law Merchant

question 24

Multiple Choice

Which of the following statements best describes the law merchant?

• A) The law merchant is a body of law designed to control trade practices.
• B) The law merchant is a body of law created by merchant guilds, part of which was incorporated into the common law.
• C) The law merchant was designed to protect consumers from unscrupulous merchants.
• D) Our laws relating to consumer protection are derived from the law merchant.
• E) The law merchant is another name for the Sale of Goods Act.

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Definitions:

Break-Even Analysis

An economic computation identifying the moment when income matches the expenses involved in generating that income.

Profit Goal

A financial objective set by a business or organization aiming to achieve a specific amount of profit over a certain period.

MBO Cycle

Management by Objectives (MBO) Cycle refers to the systematic process of defining objectives within an organization so that management and employees agree to the objectives and understand what they need to do in the organization.

Periodic Review

An assessment conducted at regular intervals to evaluate performance, compliance, or progress towards objectives.