If the Seller Is Not a Merchant, and the Goods

question 54

True/False

If the seller is not a merchant, and the goods are being held by the seller for the buyer to pick up, the risk of loss passes to a buyer on tender of delivery.

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Definitions:

Legally Operate

To conduct business activities in accordance with the laws and regulations of the jurisdiction in which the business exists.

Accrual Basis

An accounting method where transactions are recorded when they are earned or incurred, regardless of when cash transactions occur.

Accounting

is the systematic recording, reporting, and analysis of financial transactions of a business or individual.

Dividend Income

Income received from owning shares in a company, which is often taxable at different rates than regular income.