Substantial Impairment

question 29

Multiple Choice

Substantial impairment:

• A) only requires proof that goods do not conform to the contract.
• B) requires that the goods are shown to be worthless.
• C) requires proof that the use to the buyer is materially different than the contract promised.
• D) none of the above.

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Definitions:

LLCs Members

Individuals or entities that hold ownership interest in a Limited Liability Company and have rights and responsibilities as outlined in the LLC agreement.

RULLCA

Revised Uniform Limited Liability Company Act; a standard law adopted by some states to govern the formation, operation, and dissolution of LLCs.

RULLCA

The Revised Uniform Limited Liability Company Act, which provides a comprehensive model act for the formation, operation, and dissolution of LLCs in the United States.

Default Rules

Default rules are legally established standards that apply when parties to a contract do not stipulate their own arrangements or when such arrangements are not legally enforceable.