Under the Uniform Commercial Code,it Is Possible for a Nonmerchant

question 70

True/False

Under the Uniform Commercial Code,it is possible for a nonmerchant to be liable on a contract for the sale of goods of $500 or more without having signed any writing.

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Definitions:

Interest Accrual

The recognition of interest earned or payable that has accumulated but not yet been recorded or paid.

Debt Investments

Investments made by purchasing bonds or other debt instruments, with the expectation of earning interest income and the return of principal.

Net Income

The amount of profit left after all operating expenses, taxes, and interest are deducted from total revenue.

Interest Receivable

An asset account on the balance sheet representing the amount of interest income that has been earned but not yet received in cash.