Rugged Boats,Inc

question 4

Multiple Choice

Rugged Boats,Inc. ,and Whitewater Rafting enter into a contract for a sale of six custom-made rubber rafts.Whitewater pays for the goods,but Rugged does not deliver.Whitewater can use replevin as a remedy if

• A)Rugged is lawfully withholding the goods.
• B)Whitewater cannot effectively cure the defect.
• C)Whitewater is unable to cover for the goods.
• D)the goods have not been identified to the contract.

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Definitions:

Commodity Money

A form of currency in which the value of the money is derived from the material from which it is made, such as gold or silver coins.

Fiat Money

Currency that a government has declared to be legal tender, despite it not having intrinsic value or being backed by physical reserves such as gold or silver.

T-Account

A graphical representation of a general ledger account that highlights the debit and credit sides.

Required Reserve Ratio

The fraction of deposits that regulators require a bank to hold in reserve and not lend out.