A Quota Is a Numerical Limit on the Quantity of a Good

question 116

True/False

A quota is a numerical limit on the quantity of a good that can be imported.

---

Definitions:

Ordinary Purposes

Refers to the general, expected use of a product or service, implying that it meets a basic level of functionality and safety.

Perfect Tender Rule

This rule mandates that goods delivered under a sales or lease contract must exactly meet the terms of the contract, with any deviation allowing the buyer to reject the products.

Substantial Performance

A legal principle indicating that a party has completed enough of its contractual obligations to warrant payment, despite minor deviations from the contract terms.

Uniform Commercial Code

The Uniform Commercial Code sets forth guidelines for commercial transactions, aiming to standardize and streamline processes across state lines within the United States.