With Respect to Business Customs, Customs That Must Be Recognized

question 94

Multiple Choice

With respect to business customs, customs that must be recognized and accommodated are called:

• A) imperatives.
• B) electives.
• C) exclusives.
• D) non-traditional.
• E) standardized.

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Definitions:

Rights

Entitlements or freedoms granted to individuals or groups by law, social convention, or moral principles.

Liabilities

Financial obligations or debts that a company or individual owes to others.

Title

A legal term that signifies ownership rights over property, assets, or an interest in property or assets.

Destination Contracts

Agreements where the seller is responsible for delivering goods to a specific place, and risk of loss does not pass to the buyer until the goods reach that location.