The UCC Permits a Seller to Limit or Modify the Buyer's

question 54

Multiple Choice

The UCC permits a seller to limit or modify the buyer's remedies for breach of warranty:

• A) in all cases.
• B) except for unconscionable limitations or exclusions of consequential damages.
• C) in no cases, as this would be contrary to public policy.
• D) except when the seller seeks to limit the time within which the warranty is effective.

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Definitions:

Outstanding Checks

Checks that have been issued and recorded in a company's financial records but have not yet been cashed or cleared by the bank.

NSF

An acronym for "Non-Sufficient Funds," indicating that a check cannot be processed due to insufficient money in the account.

Bank Reconciliation

The process of comparing and adjusting a company's financial records to match the transactions recorded by the bank, ensuring accuracy in the accounts.

Bank Reconciliation

The process of matching and comparing figures from accounting records against those presented on a bank statement.