If a Firm Enters into a Contract Governed by the Uniform

question 67

Multiple Choice

If a firm enters into a contract governed by the Uniform Commercial Code in Ohio,it would be operating under:

• A)Federal common law.
• B)Federal statutory law.
• C)The Ohio Uniform Commercial Code.
• D)Both the federal Uniform Commercial Code and the Ohio Uniform Commercial Code.
• E)Either the federal Uniform Commercial Code or the Ohio Uniform Commercial Code,at the election of the seller and assuming the seller specifies choice of law in the contract.

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Definitions:

Account Receivable

Money owed to a company by its customers for goods or services provided on credit.

Sale On Account

A transaction where goods are sold and payment is to be made at a later date.

Equity

The value of an owner's interest in a company, calculated as the difference between the company's assets and liabilities.

Assets

Economic resources owned or controlled by a business or individual that are expected to bring future benefits.