In a Mixed Contract Involving Both Goods and Services,Article 2

question 45

True/False

In a mixed contract involving both goods and services,Article 2 of the UCC will govern if the predominant purpose is the sale of goods.

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Definitions:

Accounts Receivable

Money owed to a business by its clients or customers for goods or services delivered but not yet paid for.

Sales

The total revenue a company generates from selling goods, services, or both, within a specific period.

Average Collection Period

The average amount of time it takes for a company to receive payments owed by its customers for goods or services sold on credit.

Income Statement

A financial statement that shows a company's revenue and expenses over a specific period, leading to net profit or loss.