Parties to Sales and Lease Contracts Are Not Free to Agree

question 50

True/False

Parties to sales and lease contracts are not free to agree to terms different from those stated in the UCC.

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Definitions:

Uncollectible

Refers to amounts due to a company that it considers unlikely to be collected from debtors.

Trade Receivables

Sums due to a business from its clients that stem from selling products or services on account.

Exchange Notes

Financial instruments representing an agreement between parties to exchange interest payments or currency values over a set period.

Direct Write-off

An accounting method where uncollectible accounts receivable are written off directly against income at the time they are deemed irrecoverable.