A 60-Day,12% Note for $15,000 Dated May 1 Is Received

question 48

Multiple Choice

A 60-day,12% note for $15,000 dated May 1 is received from a customer on account.
The maturity value of the note is

• A)$15,300.
• B)$15,000.
• C)$14,700.
• D)$16,800.

Recognize examples of public goods and understand why they are considered as such.

Recognize examples of artificially scarce goods and understand why they are considered as such.

Understand the implications of goods being nonrival and/or nonexcludable on their consumption and provision.

Identify the effects of consumption characteristics (rivalry and excludability) on market efficiency.

---

Definitions:

Right to Cure

The right to cure allows a party in breach of a contract a specified period to fix the breach before the other party can pursue legal remedies.

Substantial Impairment

A significant reduction in the ability or capacity of something, often used in legal contexts regarding the impairment of physical or mental functions.

Perfect Tender Rule

A principle in the sale of goods law that allows buyers to reject goods if they do not exactly meet the terms of the contract.

Substantial Perform

This refers to a situation in contract law where a party has completed enough of their contractual obligations that they are considered to have fulfilled the contract, despite minor issues or incomplete details.