Which of the Following Is True About the CISG and the UCC

question 71

Multiple Choice

Which of the following is true about the CISG and the UCC?

• A)Both the CISG and the UCC recognize express warranties and implied warranties of merchantability arising from the sale of goods.
• B)The CISG recognizes express warranties and implied warranties of merchantability arising from the sale of goods,however the UCC does not.
• C)The CISG recognizes express warranties and the UCC recognizes implied warranties of merchantability arising from the sale of goods.
• D)The CISG and the UCC do not recognize express warranties and implied warranties of merchantability arising from the sale of goods.
• E)The UCC recognizes express warranties and implied warranties of merchantability arising from the sale of goods,however the CISG does not.

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Definitions:

Operating Lease

A leasing agreement allowing the use of an asset without ownership, typically with shorter terms than a finance lease.

FASB/IASB Exposure Draft

A draft report proposed by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) for public comment on proposed changes to accounting standards.

Financial Statements

Reports that provide detailed information about a company's financial status, including balance sheets, income statements, and cash flow statements.

Operating Lease

An agreement enabling a party to rent an asset without the intention or requirement to purchase it at the end of the lease term.