Store Policy That Allows Retail Clerks to Process Sales Returns

question 88

Multiple Choice

Store policy that allows retail clerks to process sales returns for $300 or less,with a receipt dated within the past 60 days,is an example of

• A) general authorization.
• B) specific authorization.
• C) special authorization.
• D) generic authorization.

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Definitions:

Parol Evidence Rule

A legal principle that prevents parties in a dispute from presenting evidence of prior or contemporaneous agreements that contradict or modify the written terms of a final contract.

UCC 2-301

A provision under the Uniform Commercial Code (UCC) that emphasizes the importance of good faith in the performance or enforcement of contracts covered by the UCC.

Obligor

The party in a contractual agreement who is bound to provide a benefit or payment to another.

Assignment

A contracting party’s transfer of his or her rights to a contract to a third party.