The right to cure extends beyond the date that delivery is called for under the contract:
A) In all contracts covered by the UCC.
B) In any situation where the seller had reasonable grounds to believe that the buyer would
accept the nonconforming goods.
C) In any situation where cure by the original delivery date would impose a hardship on the
seller.
D) Only if the contract allows.
E) In any situation where it is commercially reasonable that it extend.
B
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Answer the following statement true (T) or false (F)
Two existing businesses are going to form a partnership. Business A's store equipment is valued at $8,000 on its books with accumulated depreciation of $1,500 . The fair market value of the equipment is $6,800 . What value should be entered into the new partnership's books for this equipment?
a. $8,200 b. $8,000 c. $6,500 d. $5,300 e. $6,800
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Fill in the blank(s) with the appropriate word(s).
All of the following observations concerning markups are true EXCEPT that
A. they are related to selling price for convenience. B. they are a cost-oriented price setting approach. C. they are used by most retailers and wholesalers to set prices. D. they are usually stated as dollar amounts. E. they guide pricing by intermediaries.