By Definition,a Sale Under Article 2 of the UCC Requires

question 19

Multiple Choice

By definition,a sale under Article 2 of the UCC requires:

• A) that the parties involved be merchants.
• B) that the product involved be goods, services, or a mixture; that the sale be between or among merchants; and that the sale take place in the normal course of business for that industry.
• C) that title to the goods pass between the seller and the buyer and that a price be paid for the goods.
• D) that the service being sold cannot be a gift or a bailment.

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Definitions:

Nearest 0.01%

Rounding to the closest one-hundredth of a percent, often used in financial calculations to ensure precision.

Terminating Decimal

A decimal fraction that comes to an end or has a finite number of digits after the decimal point.

Five-Figure Accuracy

A level of precision where a numerical value is rounded to the nearest ten-thousandth place, representing the first five significant digits.

Terminating Decimal

A decimal fraction that has a finite number of digits after the decimal point.