Which of the Following Is Generally Accorded the Highest Level

question 81

Multiple Choice

Which of the following is generally accorded the highest level of authority?

• A)Private Letter Ruling.
• B)A legislative regulation.
• C)Revenue Ruling.
• D)Decisions of a U.S. District Court.
• E)Internal Revenue Bulletin.

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Definitions:

Description of Goods

A detailed account or specification of the physical and sometimes functional characteristics of goods in a contract for sale.

Implied Warranty

A warranty that the law derives by implication or inference from the nature of the transaction or the relative situation or circumstances of the parties.

Warranty of Merchantability

An implied guarantee that a product will meet the standard quality and performance expectations for goods of its kind.

Garage Sale

An informal, often temporary sale of used goods by private individuals, typically held at the seller's residence.