Examlex
Which of the following is true concerning a partner's basis in assets (other than money) distributed in an operating distribution?
Merchantability
A legal concept referring to the implicit guarantee that a product is fit for the purposes for which it is sold.
UCC
A wide-ranging series of statutes known as the Uniform Commercial Code is in place to govern commercial activities across the US.
Implied Warranty
A legal assurance in a transaction that the goods or services sold meet certain standards even if not explicitly stated.
Lease
A contractual agreement by which one party conveys property, services, or land to another party for a specified period of time, in return for periodic payments.
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