Suppose Parties to a Contract That Is Under the UCC

question 255

Multiple Choice

Suppose parties to a contract that is under the UCC fail to specify some term. The UCC:

• A) provides appropriate remedies for the breach created by that failure
• B) provides for a special master to arbitrate all open terms
• C) supplies all necessary terms to complete any commercial contract
• D) requires the terms to be completed before it recognizes a valid contract
• E) none of the other choices

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Definitions:

Raw Materials

Raw materials are the basic, unprocessed inputs used in the manufacture of products.

Charged

Charged refers to recording or incurring an expense or cost against a company's accounts or to the process of loading a financial obligation onto a financial account.

Cost Accounting Systems

Methods and procedures used for collecting, classifying, analyzing, and allocating costs associated with a process, product, or project.