The Uniform Commercial Code Uses the Test of _____ to Determine

question 1

Multiple Choice

The Uniform Commercial Code uses the test of _____ to determine when a seller is excused from performing contractual obligations.

• A) wrongful rejection
• B) commercial impracticability
• C) proximate causes
• D) concurrent causes

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Definitions:

Operation of Law

Changes in rights or obligations that occur automatically due to legal rules, rather than the actions of a person or agreement.

Partnership Dissolution

The legal process of ending the business partnership arrangement.

Bank Loan

A sum of money lent by a bank to a borrower at a specified interest rate to be repaid with interest.

Partnership Debts

Obligations for which all partners are jointly responsible in a partnership setup, meaning each partner can be held accountable for the entire amount of the debt.