The UCC Provides Missing Contract Terms in Which of the Following

question 41

Multiple Choice

The UCC provides missing contract terms in which of the following instances?

• A)The contract fails to specify the price.
• B)The contract fails to specify the place of delivery.
• C)Both (a) and (b).
• D)The UCC cannot provide missing contract terms; only the parties can provide terms.

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Definitions:

Net Profit

The actual profit after working expenses not included in the calculation of gross profit have been paid.

Sales Volume

The total quantity of sales transactions or products sold by a business within a specific period.

Net Assets

The total assets of an entity minus its total liabilities, representing the entity's equity value.

Accounts Payable

Liabilities of a business that represent money owed to creditors for goods or services purchased on credit.