Under the U

question 23

True/False

Under the U.C.C., considering whether the parties are merchants or nonmerchants is important.

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Definitions:

Employees

Individuals who are hired by a business or organization to perform work in exchange for compensation.

Duty to Reimburse

The obligation to pay back or compensate another party for expenses, losses, or damages incurred on one's behalf.

Authorized Expenditure

An approved expense deemed necessary and reasonable for the operation or management of a business or organization.

Express Authority

The power granted to an agent or representative by clear and explicit instructions from the principal.