Oceanic Vessels, Inc., and Pacific Harbor Company enter into a contract for a sale of a barge. Oceanic is a merchant who deals in goods of the kind sold. The goods are defective. Under the UCC, the implied warranty of merchantability is breached
A. only if Oceanic did not know about and could not have discovered the defect.
B. only if Oceanic did not know about the defect.
C. only if Oceanic knew about or could have discovered the defect.
D. regardless of what Oceanic knew or could have discovered.
Answer: D
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Answer the following statement true (T) or false (F)
A company purchased equipment valued at $294,000. It traded in old equipment for a $235,000 trade-in allowance and the company paid $59,000 cash with the trade-in. The old equipment cost $280,000 and had accumulated depreciation of $56,000. This transaction has commercial substance. What is the recorded value of the new equipment?
A. $235,000. B. $224,000. C. $294,000. D. $283,000. E. $59,000.
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What will be an ideal response?
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