Under the CISG, Contracts for the Sale of Goods Do

question 27

True/False

Under the CISG, contracts for the sale of goods do not have to be evidenced by a writing to be enforceable, unless one of the parties has its place of business in a country that provides otherwise.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting rules globally recognized for preparing financial statements.

GAAP

Generally Accepted Accounting Principles; a set of accounting standards, principles, and procedures that companies must follow when compiling their financial statements in the U.S.

Balance Sheet

A financial report that captures a company's financial status at a particular moment, detailing its assets, liabilities, and shareholders' equity.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide the preparation and presentation of financial statements on a global scale.