The UCC Permits Terms to Be Added into a Contract

question 6

True/False

The UCC permits terms to be added into a contract or filled in as gap fillers; however,a contract between merchants cannot be enforced unless the parties have agreed to and specified a price in their agreement.

---

Definitions:

Operating Activities

Activities that pertain to the day-to-day operations of a business, generating revenue and incurring expenses through its core business operations.

Financing Activities

Transactions and events that affect the long-term liabilities and equity of a company, such as issuing debt or equity.

Indirect Method

A technique used in cash flow statements where net income is adjusted for non-cash transactions and changes in working capital to arrive at cash flow from operating activities.

Operating Activities

Activities that relate directly to the primary operations of a company, such as sales and service activities, and are reflected in the company's cash flows.