Under the UCC Which of the Following Is True If

question 86

Multiple Choice

Under the UCC which of the following is true if goods are identified at the time the parties entered into a contract and these goods are partially destroyed through no fault of the parties before risk passes to the buyer?

• A) The contract is void.
• B) The buyer may inspect the goods and decide whether to (1) treat the contract as void or (2) ask the seller for a reduction of the contract price and then accept the damaged goods.
• C) The buyer has five days in order to determine whether to void the contract or proceed under it.
• D) Unless the parties can agree on a price, the matter must be submitted to arbitration for a determination as to an appropriate price.
• E) Unless the parties can agree on a price, the contract is voidable at the option of the seller who does not wish to remedy any problems.

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Definitions:

Unionization

The process by which workers come together to form a union in order to collectively bargain with their employer for better wages, benefits, and working conditions.

Strategic Business Partners

Organizations or individuals who collaborate for the purpose of achieving strategic goals and mutual benefits, often through complementary strengths or capabilities.

Corporate Governance Model

A framework defining the relationships, systems, and processes within and by which corporations are directed and controlled.

Profit Maximization

The process of increasing a firm's economic surplus, aiming to achieve the highest possible profit from its operations.