Under the CISG, in the Event of Breach, the Parties

question 58

Multiple Choice

Under the CISG, in the event of breach, the parties:

• A) may immediately move for damage remedies
• B) may move for damages after a 30-day rectification period
• C) must be given a notice of breach and a chance to cure the problem
• D) may not sue for damages, only cease dealings
• E) none of the other choices

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Definitions:

Discount Period

The timeframe during which a payment can be made at a reduced price or with a deduction from the full invoice amount.

Sales Discounts

A reduction in the sale price offered by a seller to a buyer for prompt payment or within a specific time period.

Accounts Receivable

Customers' financial commitments to a firm for goods or services taken, pending reimbursement.

Perpetual Inventory System

A method of accounting that instantly records inventory sales or purchases using computerized point-of-sale systems and enterprise asset management software.