Match Each Term to Its Definition

question 204

Multiple Choice

Match each term to its definition.
-Receiving Report

• A)Sent by the vendor after the inventory has been shipped to the purchaser.
• B)Sent to the vendor when goods are ordered.
• C)Prepared by the purchaser when the goods are received.
• D)Sent to the vendor after all approving documents have been submitted.

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Definitions:

Implied Warranty

A legal concept that guarantees a product will meet certain minimum standards of quality and functionality implied by law, even if not expressly stated.

Contract Terms

The specific provisions and conditions outlined in a contract that determine the rights and duties of the parties involved.

Statue Of Limitations

Legal time limits within which actions must be filed in court; beyond this period, claims are no longer enforceable. Note: The correct term is "Statute of Limitations."

UCC

The Uniform Commercial Code is an extensive collection of legislation that regulates business dealings across the United States.