Which of the following is a similarity between real and personal property?
A) Both properties can include intangible properties.
B) Both properties are movable properties.
C) Both properties can be owned concurrently by two or more persons.
D) Both properties are removed by a seller prior to the sale of a property.
C
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The lessor expenses initial direct costs in the year of incurrence in a(n):
A. direct financing lease. B. operating lease. C. sales-type lease. D. direct financing lease and sales-type lease.
Which of the following statements is true of implied warranty of merchantability?
A) It states that the product being sold is the safest one that can be produced with the scientific knowledge available. B) To meet the standard of merchantability, the product must be adequately contained, packaged, and labeled as the agreement may require. C) This warranty is made even if the seller does not regularly sell that type of good. D) The Uniform Commercial Code considers contracts related to consumer goods that limit damages for injuries to a person as valid.