The United Nations Convention on Contracts for the International Sale

question 35

Multiple Choice

The United Nations Convention on Contracts for the International Sale of Goods, with regard to cure:

• A) does not recognize cover as a seller's remedy.
• B) follows the same cure rules as stated in the UCC.
• C) allows an absolute right and obligation for a seller to cure, and the buyer must allow the seller to cure even if the time for performance is past due.
• D) requires that the seller apply to the International Court of Justice for the right to cure, and the court will evaluate each case individually.

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Definitions:

Total Assets

The sum of all assets owned by a business, including cash, inventory, equipment, and real estate.

Average Collection Period

A ratio that shows how quickly moneys owed are received from customers and thereby measures how effectively a company collects its accounts receivables.

Date of Sale

The specific day on which a transaction is completed and ownership of goods or assets is transferred.

Date of Payment

The specific day on which a payment is due or processed.