Able CoEntered into a Contract with Baker Co

question 55

Multiple Choice

Able Co.entered into a contract with Baker Co.for the sale of goods.Both parties are merchants under the UCC and each party used its own form as an offer and acceptance.On the reverse side of each form,there were minor terms that conflicted with each other.What is impact of these minor differences in terms in the forms on the contract?

• A)There is no contract because there is a discrepancy between the standard forms used by the two companies.
• B)There is no contract because there is no "meeting of the minds."
• C)A contract does exist and is favorable to the third party beneficiaries who can take advantage of the situation.
• D)A contract does exist and it includes the terms agreed upon plus gap-fillers from the UCC.

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Definitions:

Firm Life

The period during which a company operates, from its inception to the point it ceases operations or is dissolved.

Ease of Formation

The simplicity with which a business or company can be legally established, often considered in the context of different types of business entities like corporations, partnerships, and sole proprietorships.

Treasurer

An executive role in a company or organization responsible for managing the institution's finances, including investments, capital structure, and liquidity.

Tax Matters

Issues, policies, and regulations related to taxation and its administration.