Regional Wood Products Company and Sylvia Enter into a Contract

question 71

Multiple Choice

Regional Wood Products Company and Sylvia enter into a contract for a sale of lumber.Regional knows the purpose for which Sylvia will use the goods.Under the UCC,an implied warranty of fitness of a particular purpose arises

• A)if the buyer is relying on the seller to select suitable goods.
• B)if the buyer asks for it.
• C)if the seller is a merchant who deals in goods of the kind sold.
• D)in conjunction with lease contracts,not sales contracts.

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Definitions:

Productivity

A measure of the efficiency of production, often expressed as the ratio of outputs produced to inputs used within a certain period.

Increasing Rate

A situation where a numerical value or quantity grows over a period of time, which can refer to things like interest rates or inflation.

Gross Savings

Gross Savings refers to the total amount of savings retained by an economy after all expenses have been met but not including depreciation.

GDP

Gross Domestic Product, the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.