Under the UCC, Since Both Leyland and Melanie Are Merchants

question 65

Multiple Choice

Under the UCC, since both Leyland and Melanie are merchants, when Leyland sends his acceptance to Melanie's contract terms, when would his acceptance be effective?

• A) When Leyland dispatches it.
• B) When it is received by Melanie.
• C) When received by Melanie but only if acceptance by electronic means is made, otherwise on dispatch.
• D) When Leyland dispatched it but only if the U.S. mail is used, otherwise on receipt.
• E) When Leyland dispatched it but only when the telephone is used, otherwise on receipt.

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Definitions:

Journal

An elaborate log that captures every financial transaction of an enterprise, initially entered prior to its transfer to the accounts within the general ledger.

Ledger

A comprehensive collection of accounts that records all financial transactions of a business, serving as the principal book for accounting.

Trial Balance

An accounting report that lists the balances of all ledger accounts to ensure that debits equal credits, used for internal checks.

Owner's Drawings

Owner's disbursements from a business in either a sole proprietorship or partnership for personal expenditures.