Which Statement Is Correct Regarding the UCC and Norms in the Industry

question 87

Multiple Choice

Which statement is correct regarding the UCC and norms in the industry?

• A)The UCC requires that courts consider norms in a particular trade only if goods with a unit price of over $500 are involved.
• B)The UCC allows courts to consider norms in a particular trade only if the perfect tender rule has been satisfied.
• C)The UCC requires that courts consider norms in a particular trade only if consumer goods are involved.
• D)The UCC requires that courts consider norms in a particular trade.
• E)The UCC does not require that courts consider norms in a particular trade.

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Definitions:

Credit

An accounting entry that increases the balance of liabilities and equity accounts, and decreases the balance of an asset or expense account.

Rent Expense

The cost incurred for renting a property or equipment, recognized as an expense on the income statement.

Debit Cash

An accounting entry that increases the cash balance in a company's books, indicating inflows of money or equivalent.

Credit Cash

An accounting entry that decreases the cash balance in the company’s books, often as a result of paying out cash for expenses or liabilities.