Which of the Following Is Not True of Customary Terms

question 6

Multiple Choice

Which of the following is not true of customary terms?

• A) Terms may be implied if they are customary in the particular trade or profession of the party who drafts the contract.
• B) The alleged implied term must not be inconsistent with an express term.
• C) The imported term must be well-known.
• D) The customary term must be recognised as binding.

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Definitions:

Net Cash Provided

The amount of cash generated by a company's operations after accounting for outflows and inflows.

Cash Account

An account that shows the amount of cash a company has on hand or in the bank.

Cash Dividends

Profit distributions paid out by a corporation to its shareholders.

Net Income

The company's overall earnings following the subtraction of all costs, taxes, and expenses from the total income.