What is a "merchant"? Identify four provisions in Article 2 which apply a different standard of conduct to merchants and nonmerchants
A merchant is a dealer in the type of goods the transaction involves or a person who by his occupation holds himself out as having knowledge or skill peculiar to the goods or practices involved, or a person who employs an agent or broker whom he holds out as having such knowledge or skill. Sections relating to merchants include provisions on good faith (for a merchant requires the observance of reasonable commercial standards of fair dealing in the trade as well as honesty in fact); confirmation of oral contracts (between merchants, if within a reasonable time a writing in confirmation of the contract is received, the written confirmation if sufficient against the sender is also sufficient against the recipient unless he gives written notice of his objection within ten days after receiving the confirmation); firm offers (a merchant's written promise not to revoke an offer for a stated time, up to three months, is enforceable without consideration); battle of the forms (the Code attempts to settle the battle of the forms between merchants by focusing upon the intent of the parties).
You might also like to view...
The Coca-Cola Company uses the same formula and basic bottle shape for Coke worldwide, but the labels on the bottles and their sizes vary depending upon the market. This illustrates ______.
A. thinking globally but acting locally B. manufacturing locally but designing globally C. thinking locally but acting globally D. manufacturing globally but designing locally
The following lettered items represent a classification scheme for a multistep income statement. In the blank next to each account, write the letter indicating to which category it belongs. a. Revenues d. General and administrative expenses b. Cost of goods sold e. Other revenues and expenses c. Selling expenses f. Not on income statement _____ 1. Interest Income _____ 6. Utilities Expense for
Store _____ 2. Accumulated Depreciation _____ 7. Interest Expense _____ 3. Sales Returns and Allowances _____ 8. Freight-Out Expense _____ 4. Inventories _____ 9. Office Salaries Expense for Headquarters _____ 5. Company President's Salary _____ 10. Interest Receivable Fill in the blank(s) with correct word
According to the text _______ means performing different activities from rivals' or performing similar activities in different ways
a. core competencies b. distinctive capabilities c. strategic positioning d. business strategy
The competitive advantage of a best-cost provider like Trader Joe's is
A. having the best value chain in the industry. B. its capability to incorporate upscale or attractive attributes into its product offerings at lower costs than rivals. C. a distinctive competence in supply chain management. D. its brand name reputation. E. a distinctive competence in delivering top-notch quality and customer service.