The Great Majority of Transactions on the NYSE Are Executed

question 7

Multiple Choice

The great majority of transactions on the NYSE are executed

• A) automatically through electronic technology.
• B) on the trading floor by brokers known as specialists.
• C) by dealers known as market makers.
• D) by auction in trading areas known as pits.

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Definitions:

Merchantability

Relates to the guarantee that a product sold meets reasonable expectations of performance and quality as understood in the marketplace.

Implied Warranty

A legal term for the assurance that a product meets certain quality and reliability standards without being explicitly stated.

Particular Purpose

Refers to a specific goal or use that a buyer makes known to the seller at the time of purchase, affecting the sale's conditions.

UCC Section 2-315

Part of the Uniform Commercial Code, dealing with the implied warranty of fitness for a particular purpose in goods sales.