UCC Section 2-301 Outlines What Basic Duty of the Seller

question 79

Multiple Choice

UCC section 2-301 outlines what basic duty of the seller?

• A)To define all contract terms to avoid gap fillers
• B)To designate an agent for each buyer
• C)To deliver the goods called for by the contract
• D)To make a profit on sales

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Definitions:

Invoice Price

The initial quoted price on an invoice prior to deductions such as discounts, allowances, or rebates.

Discount Period

refers to the time frame in which a sales discount is available to a customer, encouraging prompt payment.

Perpetual Inventory Method

An accounting approach that records inventory purchases and sales in real-time through direct changes in inventory and cost of goods sold accounts.