The Uniform Commercial Code and the United Nations Convention of Contracts

question 1

True/False

The Uniform Commercial Code and the United Nations Convention of Contracts for the International Sale of Goods both hold that acceptances are effective when they are dispatched.

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Definitions:

Cash

Money in the form of currency that can include banknotes and coins, held in the immediate possession of or in bank accounts for the entity.

Rent

Payment made periodically by a lessee to a lessor for the use of land, buildings, or other property.

Unearned Revenue

Money received by a company for goods or services yet to be delivered or performed.

Purchase Order

A commercial document and first official offer issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services.