How Are Sales Contracts Handled When Terms Are Missing

question 18

Multiple Choice

How are sales contracts handled when terms are missing?

• A)If a sales contract does not state the price of goods that will be sold to the buyer, the contract is considered invalid.
• B)If the price term is not expressly stated, it will be held to be the reasonable price for the same goods in the market.
• C)When a contract includes the supply of both services and goods, the contract is considered to be a contract for the sale of goods only if the terms expressly state it is subject to the UCC.
• D)If parties indicate that the price of goods must be fixed at a later date, and no price is thus fixed, the goods must be supplied at whatever price the seller sets.

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Definitions:

Contractual Agreement

A contractual agreement is a legally binding exchange of promises or an agreement between parties that is enforceable by law.

Accruals

Accounting method where revenues and expenses are recorded when they are earned or incurred, regardless of when the cash transaction happens.

Financing

The act of providing funds for business activities, making purchases, or investing, including means such as loans, equity investments, and other financial instruments.

Compensating Balance

A portion of a loan that banks require borrowers to leave in their checking accounts. Effectively increases the bank’s yield. A minimum balance required to compensate banks for their services.