What does Article 2 say with regard to the following? a. Good faith. b. Unconscionability. c. Expansion of commercial practices
a. All parties who enter into a contract or duty within the scope of the Code must perform their obligations in good faith. The Code defines good faith as "honesty in fact in the conduct or transaction concerned." 1-201(19 ) Additionally, a merchant must observe reasonable commercial standards of fair dealing in the trade. Section 2-1031.(b)
b. The court may scrutinize every contract of sale to determine whether in its commercial setting, purpose, and effect it is unconscionable. The court may refuse to enforce an unconscionable contract or any part of it found to be unconscionable or may limit its application to prevent an unconscionable result. Section 2-302. The Code, however, does not define "unconscionable."
c. An underlying policy of the Code is "to permit the continued expansion of commercial practices through custom, usage, and agreement of the parties." Section 1-1022.(b). The Code emphasizes course of dealing and usage of trade in interpreting agreements.
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According to the text, personnel working in a foreign subsidiary are working in the international environment
A. if they work and live in the foreign subsidiary's country. B. if they are responsible for manufacturing activities within the foreign subsidiary. C. if they are of a different race or religion than what is most common in the foreign subsidiary's country. D. if they are responsible for the subsidiary's exports. E. if they are responsible for the management of the foreign subsidiary.
Claims of unequal pay for jobs of comparable worth may be brought under:
A) Title VII. B) The Equal Pay Act. C) OSHA. D) The Civil Rights Act.
Which of the following statements is correct about the loading expenses for insurance companies?
A) The loading expenses are measured using the expense ratio. B) The loading expenses are governed by law. C) The loading expenses reduce the insurance premiums charged by insurance companies. D) The loading expenses compensate the insurance companies for the risk that they take.
The absolute value of the difference between the point estimate and the population parameter it estimates is
a. the standard error b. the sampling error c. precision d. the error of confidence