What Does the Acronym REA Mean

question 63

Multiple Choice

What does the acronym REA mean?

• A)resources,events,agents
• B)resources,entities,agents
• C)relations,events,agents
• D)relations,entities,agents

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Definitions:

Disclaim Warranties

A statement made by a seller that specifies they are not providing guarantees about the condition or quality of goods being sold.

UCC

The Uniform Commercial Code, a comprehensive set of statutes designed to provide uniformity and predictability in commercial transactions across the United States.

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made when the other party has reasonably relied on that promise to their detriment.

Consideration

A fundamental component in contract law, referring to something of value that is exchanged between parties as part of an agreement.