It Is Important to Identify a ____________ Contract Because It

question 33

Multiple Choice

It is important to identify a ____________ contract because it includes both goods and services. If the sale of goods dominates the contract, then it will be governed by ____________; however, if services dominates the contract, then it will be governed by ____________.

• A) blended; CISG; common law
• B) blended; common law; UCC Article 2
• C) hybrid; UCC Article 2; common law
• D) hybrid; common law; Restatement of Contracts

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Definitions:

Unearned Revenues

Money received by a company for goods or services yet to be provided, recognized as a liability until the service or good is delivered.

Payroll Register

A Payroll Register is a document that summarizes all employee earnings, deductions, and net pay during a payroll period, serving as a detailed record of payroll activity.

Prior Year's Earnings

The net income or profit left over from the previous fiscal year after expenses, taxes, and dividends have been deducted.

Estimated Liability

A financial obligation that is expected to be incurred, but the exact amount and timing are not completely certain.