Essay
An analysis of the transactions made by K. T. Lang & Co., a law firm, for the month of July is shown below. 
Instructions
Prepare a statement of financial position at July 31, 2014.
Distinguish between the UCC's approach to limiting consequential damages for commercial losses versus those for injury to the person.
Understand the obligations of buyers and lessees under the UCC to accept and pay for conforming goods.
Recognize exceptions to the perfect tender rule and how they impact the rigidness of the rule.
Define the terms "honesty in fact," "reasonable commercial standards of fair dealing," and "good faith" within the context of the UCC.
Definitions:
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