UCC Rules on Acceptance of Goods and Payment in Regard

question 1

Multiple Choice

UCC rules on acceptance of goods and payment in regard to installment contracts mandate that

• A) acceptance is not made until all shipments are received and then payment is made.
• B) acceptance is made separately for each shipment, but payment is not due until the final shipment is received.
• C) payment must be made in advance, and acceptance occurs after all shipments are received.
• D) acceptance is made separately for each shipment, and payment for each shipment is due on delivery of that shipment.

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Definitions:

Sample Space

All conceivable outcomes or results that can occur in an experiment involving probability.

Simple Events

Events in probability that consist of a single outcome and cannot be broken down into simpler components.

Individual Outcome

The result or final state of a single observation or experiment, which can vary between instances in a study or trial.

Constitute

To compose or form something, often used in a legal or formal context to indicate the components that make up a whole.