When Article 2 Is Silent on an Issue of Sales

question 49

Multiple Choice

When Article 2 is silent on an issue of sales contract formation or interpretation and there is no state statutory law in place on that matter, which law applies?

• A) The common law rules
• B) The civil law rules
• C) Federal common law
• D) Federal statutory law
• E) The Uniform Sales Act

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Definitions:

Value Proposition

A business or marketing statement that summarizes why a consumer should buy a product or use a service.

Inventory Costs

The total cost associated with holding and managing inventory, including warehousing, depreciation, insurance, and potential obsolescence.

Single Sourcing

A procurement strategy where a company relies on a single supplier for a particular component or product.

Assurance of Supply

The confidence in a supplier's ability to provide consistent and continuous goods or services, meeting the buyer’s requirements.