When Particular Goods Have Been Selected by Either the Buyer

question 1

Multiple Choice

When particular goods have been selected by either the buyer or the seller, or both, as being the goods called for by the sales contract, the goods are said to be

• A) identified.
• B) actualized.
• C) realized.
• D) materialized.

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Definitions:

Payable to Bearer

A designation on a financial instrument (like a check) meaning the person in possession of it can redeem it for its value.

UCC

The Uniform Commercial Code comprises a broad framework of regulations that control commerce transactions within the United States.

Payee

The party in a transaction who receives the payment.

Unconditional Promise

A pledge or assurance without any stipulations, qualifiers, or conditions, guaranteeing certain actions or outcomes.