Which of the Following Is True About the Convention on Contracts

question 9

Multiple Choice

Which of the following is true about the Convention on Contracts for the International Sale of Goods (CISG) ?

• A) Under CISG, consideration is not required to form a contract.
• B) It was approved in 1942 at a diplomatic conference in Vienna.
• C) CISG includes the Statute of Frauds.
• D) The CISG applies to contracts for the sale of electricity.
• E) CISG is mandatory to parties to an international contract for the sale of goods.

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Definitions:

Gross Sales

Gross Sales are the total sales income of a business before any deductions are made for returns, allowances, or discounts.

Sales Discounts

A decrease in the cost of products or services provided to consumers, usually to encourage prompt payment or large-scale buying.

Account Category

A classification or grouping used in accounting to organize financial transactions, such as assets, liabilities, revenue, and expenses.

Normal Balance

The side (debit or credit) of an account that is usually increased, reflecting its normal financial balance.