A Statement of Account

question 36

Multiple Choice

A statement of account

• A) lists paid invoices as of a certain date
• B) provides a routine reminder of the amounts owed
• C) can include amounts from several invoices
• D) both B and C
• E) both A and B

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Definitions:

Obtaining Cover

The process of seeking alternative goods or services, typically by a buyer in response to a seller's breach of contract.

Resale Price

The amount for which an item is sold again on the market after it has been purchased once from the original seller or manufacturer.

Contract Price

The sum agreed upon by the parties involved in a contract for the sale of goods or services.

Incidental Damages

Compensation for commercially reasonable expenses incurred as a result of the other party's breach of contract.