If a buyer wrongfully refuses to accept the goods, the seller can bring an action for damages equal to the difference between the contract and market prices at the time and place of tender.
Answer the following statement true (T) or false (F)
True
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Sheila Dunn is the author of a children's book. A retail bookstore chain has agreed to advertise Sheila's book aggressively with lots of countertop literature racks, posters, banners, and life-size images of the characters from her book. All of these are examples of:
A. point-of-purchase displays. B. shelf facing. C. retailer premiums. D. trade sales promotion. E. shelf positioning.
When a participating respondent does not answer a specific question, this is known as:
A) refusal B) break-off C) item omission D) perplexing situation E) desertion
Under Article 9 of the Uniform Commercial Code, in what order are proceeds from the sale of collateral by the creditor to be distributed?
A. First, the proceeds are used to satisfy the debt. Second, any expenses of repossessing the collateral. Lastly, the debtor is entitled to remaining proceeds. Finally, if any proceeds remain, the debtor is entitled to them. B. First, any expenses of repossessing the collateral are paid. Second, the proceeds are used to satisfy the debt. Third, any other junior liens are paid. Finally, if any proceeds remain, the debtor is entitled to them. C. First, the junior liens are paid. Second, any expenses of repossessing the collateral are paid. Third, the proceeds are used to satisfy the debt. Finally, if any proceeds remain, the debtor is entitled to them. D. First, the proceeds are used to satisfy the debt. Second, junior liens are paid. Third, any expenses of repossessing the collateral are paid. Finally, if any proceeds remain, the debtor is entitled to them.
Horshack Mining Company purchases a gravel pit for $5,000,000. It estimates that 10,000,000 tons of gravel can be extracted over the pit's useful life. If 2,000,000 tons are extracted during the first year but only 1,440,000 tons are sold, what amount should be recorded for Gravel Inventory and Depletion Expense, respectively?
A) $280,000 and 720,000 B) $720,000 and $280,000 C) $720,000 and 720,000 D) $280,000 and $1,000,000