On May 1, S Sells B 100 Widgets on Credit

question 34

Essay

On May 1, S sells B 100 widgets on credit at a price of $1 per widget. S did so based on an April 10 letter from B asserting B's solvency. On May 7, S learns that B was insolvent when it received the widgets on May 1. On May 13, S demands the return of the goods from
B. Is B obligated to return the goods to S?
Yes. Although S did not demand the goods within ten days of their receipt, as required by UCC section 2-702(2), this requirement does not apply in cases where the buyer has made a written misrepresentation of solvency within three months of the goods' delivery.

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Definitions:

Placement Site

The specific location where an individual is assigned to work, study, or perform duties as part of a program or job.

Mission Statement

A formal summary of the aims and values of a company, organization, or individual, guiding its decisions and actions.

Organizational Chart

A diagram that shows the structure of an organization and the relationships and relative ranks of its parts and positions/jobs.

Midpoint Evaluations

Periodic assessments conducted halfway through a project, program, or academic term to review progress and adjust goals or methodologies as necessary.