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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Which of the following statements is true of the Generally Accepted Accounting Principle (GAAP)?
A) It is used by auditors as a guide for their nonaudit services only. B) It is the accepted form of accounting principles around the world. C) It cannot be modified once established by the American Institute of Certified Public Accountants. D) It sets rules for how corporations must set their accounts on their financial statements.
One of the virtues of the percent-of-sales method is the precision of the estimate of future
financing needs. Indicate whether the statement is true or false