Which of the Following Statements Is True Regarding Revocation of Accepted

question 71

Multiple Choice

Which of the following statements is true regarding revocation of accepted nonconforming goods?

• A)While there is no set time limit,the UCC sometimes allows a buyer to revoke acceptance of nonconforming goods.
• B)A buyer has an absolute right within 48 hours after delivery in which to revoke acceptance of nonconforming goods.
• C)A buyer has an absolute right within 30 days after delivery in which to revoke acceptance of nonconforming goods.
• D)Once goods have been accepted,they may not be rejected.
• E)A buyer has an absolute right within 10 days after delivery in which to revoke acceptance of nonconforming goods.

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Definitions:

Entry Barriers

Impediments that make it difficult for new participants to enter a specific industry or business field.

Monopolistic Competition

A term often used by economists to describe markets characterized by a large number of sellers that supply differentiated products to a market with low barriers to entry. Essentially, it is an alternative term for a competitive price-searcher market.

Marginal Revenue

Extra profit generated from the sale of one more unit of a product or service.

Marginal Cost

The additional cost incurred to produce one additional unit of a good or service.