When the Parties to a Contract for a Sale of Goods

question 62

True/False

When the parties to a contract for a sale of goods do not specify a payment term, and the parties are unaware of the UCC's rules, those rules do not apply.

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Definitions:

Increase

An upward movement in quantity, size, number, value, or intensity of a particular variable.

Market Demand

The total quantity of a product or service that all consumers in a market are willing and able to buy at various prices, given a period of time.

Related Goods

Products or services that are either complements or substitutes to one another, affecting each other's demand and supply.

Cost of Resources

The total expense incurred to acquire resources needed for production, including raw materials, labor, and capital.