Examlex
Identify the types of adjusting entries and explain the purpose of each type.
Perfect Tender Rule
A principle in commercial law that allows buyers to reject goods if they do not meet all contract specifications, regardless of how minor the defect may be.
Material Breach
A substantial breach of a significant term or terms of a contract that excuses the nonbreaching party from further performance under the contract and gives the nonbreaching party the right to recover damages.
Substantial Performance
A legal concept in contract law where a party has performed enough of their contractual obligation to warrant payment, albeit with minor deviations from the terms.
Nonconforming Goods
Products delivered under a sales contract that do not meet the specifications, quality, or quantity requirements agreed upon by the buyer and seller.
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