Which of the Following Is True Regarding Payment and the Place

question 48

Multiple Choice

Which of the following is true regarding payment and the place for delivery if those terms are left open under the UCC?

• A) There is no contract if these terms are omitted.
• B) If payment terms are omitted, payment is due at the time and place at which the buyer is to receive the goods, and the place for delivery is the seller's place of business.
• C) If payment terms are omitted, payment is due at the time and place at which the buyer is to receive the goods, and the place for delivery is the buyer's place of business.
• D) If payment terms are omitted, payment is due at least 10 days prior to the date set for delivery, and the place for delivery is the seller's place of business.
• E) If payment terms are omitted, payment is due at least 10 days prior to the date set for delivery, and the place for delivery is the buyer's place of business.

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Definitions:

Corporate Debtors

Businesses or corporations that owe money to creditors.

Governmental Entities

Organizations or bodies that are part of the governmental structure, including agencies, departments, and certain public enterprises, responsible for implementing and enforcing laws.

Liquidation Proceeding

A legal process through which a business closes its operations and sells its assets to pay creditors.

Trustee

A person or organization that holds and manages assets on behalf of others, under a legal agreement.