Which of the Following Statements Is True Concerning Cancellation of a Contract

question 3

Multiple Choice

Which of the following statements is true concerning cancellation of a contract?

• A)Cancelling a contract is a seller's only remedy if a buyer or lessee is in breach.
• B)No notice is required to cancel a contract.
• C)Canceling a contract is a remedy of last resort from the UCC"s perspective.
• D)Cancelling a contract is never permitted under the UCC.
• E)If a seller cancels a contract,he may not pursue any other remedies available under the UCC.

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Definitions:

Absolute Advantage

The ability of an individual, company, or country to produce a good or service at a lower cost per unit than other competitors.

United States

A country in North America, consisting of 50 states, characterized by its significant global economic, political, and cultural influence.

Japan

An island country located in East Asia, known for its rich culture, technological advancements, and as being a major economic power with one of the world's largest economies.

Opportunity Cost

The price paid for not selecting the immediate next favorable choice during decision-making.