Explain how payments are made for contracts under the UCC?
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Goods that are accepted must be paid for. Unless the parties to a contract agree otherwise, payment is due from a buyer when and where the goods are delivered, even if the place of delivery is the same as the place of shipment. Buyers often purchase goods on credit extended by the seller. Unless the parties agree to other terms, the credit period begins to run from the time the goods are shipped. A lessee must pay lease payments in accordance with the lease contract. The goods can be paid for in any manner currently acceptable in the ordinary course of business unless the seller demands payment in cash or unless the contract names a specific form of payment. If the seller requires cash payment, the buyer must be given an extension of time necessary to procure the cash. If the buyer pays by check, payment is conditional on the check being honored when it is presented to the bank for payment.
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What is treasury stock?
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