What Type of Notice Must a Party Who Wishes to Replace

question 58

Multiple Choice

What type of notice must a party who wishes to replace nonconforming goods and cure within the time set for performance give the other party?

• A)Notice within 5 days of delivery
• B)Prompt notice
• C)Notice within 10 days of delivery
• D)Notice within 1 day of delivery
• E)There is no set time so long as notice is given prior to the time set for performance

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Definitions:

Credit

An accounting entry that may either decrease assets or expenses or increase liabilities, equity, and income, recorded on the right side of an accounting ledger.

Trial Balance

An accounting report that lists all the balances in a company's ledger accounts, used to check the accuracy of bookkeeping entries.

Account Balance

The amount of money held in a financial repository, such as a bank account, at any given moment, reflecting all completed transactions.

Posting Errors

Mistakes made during the recording of financial transactions to the general ledger or subsidiary ledgers.