The UCC Provides Missing Contract Terms in Which of the Following

question 27

Multiple Choice

The UCC provides missing contract terms in which of the following instances?

• A) The contract fails to specify the price.
• B) The contract fails to specify the place of delivery.
• C) Both failure to specify the price and failure to specify the place of deliver.
• D) The UCC cannot provide missing contract terms; only the parties can provide terms.

---

Definitions:

Merchandise Inventory

Goods available for sale to customers, categorized as a current asset on a company's balance sheet.

Invoice Cost

The price of goods or services listed on an invoice, typically inclusive of fees and charges before any discounts.

Incidental Costs

Incidental costs refer to minor or secondary expenses that are not planned for but occur in the course of conducting business.

LIFO

Last In, First Out, an inventory valuation method where the most recently produced items are recorded as sold first.