The Uniform Commercial Code Does Not Recognize Any Such Thing

question 6

Multiple Choice

The Uniform Commercial Code does not recognize any such thing as a substantial performance. In its place, it requires for there to be a(n) :

• A) demand of reasonable assurance.
• B) anticipatory breach.
• C) perfect tender.
• D) implied condition.
• E) condition subsequent.

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Definitions:

Materials Price Variance

The difference between the actual cost of materials used in production and the expected (or standard) cost of those materials.

Direct Materials Quantity Variance

The variance between the real amount of materials consumed in production and the anticipated standard amount, multiplied by the cost per unit according to standards.

Direct Materials

Raw materials that can be directly attributed to the production of specific goods or services in a manufacturing process.

Variance Reports

Financial analyses that compare actual performance against planned or budgeted performance.