Under the UCC, a Sale Occurs When Title Passes from a Seller

question 6

True/False

Under the UCC, a sale occurs when title passes from a seller to a buyer for a price.

---

Definitions:

Discounted

The reduction of the nominal price of goods, services, or financial instruments.

Proceeds

Proceeds refer to the total amount of money received from a transaction, such as the sale of goods, assets, or securities.

Compounded Quarterly

Compounded quarterly refers to the method of calculating interest where the interest is added to the principal at the end of each quarter, resulting in interest being earned on previously accumulated interest.

Financial Obligations

Debts, liabilities, or commitments that an entity is required to pay or fulfill in the future.