According to the Uniform Commercial Code (UCC), ________.
A. the sale of goods costing $500 or more is not enforceable without a writing or other specified evidence
B. there is no need for the formality of writing during sales transactions
C. the doctrine of promissory estoppel will always overrule a written contract
D. the sale of goods between two parties is always legal
Answer: A
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Each of the following statements is justified by a concept or convention of accounting. Write the letter in the blank next to each statement corresponding to the concept or convention involved. a. Consistency d. Full disclosure b. Materiality e. Cost-benefit c. Conservatism _____ 1. This convention best enhances comparability of financial statements between years. _____ 2. A merger agreed on just
after the balance sheet date nevertheless is reported in the notes to the financial statements. _____ 3. A company forgoes hiring another full-time accountant, which would add only slightly to the financial statements' accuracy. _____ 4. A company uses lower-of-cost-or-market to value inventory. _____ 5. A large company rounds its financial statement figures to the nearest $10,000. Fill in the blank(s) with correct word
Frank is concerned about the potential health consequences related to the personality traits of his employees. He can do which of the following to offset the detrimental effects of personality on the health of his employees?
A. provide social support from friends, family, and coworkers B. hang on to stress C. increase psychological risk factors D. work longer hours
Standard costs may be used for
a. product costing. b. planning. c. controlling. d. all of the above.
TP sells franchises in the Old Fast Food chain. TP sells a franchise to Choi for $100,000 by cashier's check. Choi then hears that TP is going out of business and tries to stop payment on the check. TP has already transferred the money to a third party who meets the UCC's requirements for a holder in due course. The bank paid that third party. TP declares it is out of business. In a subsequent
lawsuit: a. the court will find that the third party liable as surety b. because of the fraud involved, the court will require the third party repay Choi c. because the instrument involved was a cashier's check and not an ordinary check, the court will not require the third party to repay Choi d. because the amount in controversy was more than $50,000, the courts will be empowered to view the fraud as a felony and will ignore the requirements of the UCC e. none of the other choices