Which of the following statements is true of breach of warranty actions?
A) Most courts do not require that the purchaser provide the manufacturer a notice within a reasonable time of becoming aware of the breach of warranty if the two parties have not dealt with each other.
B) According to the Uniform Commercial Code, the cause of action arises the day the product malfunctions.
C) Most courts allow a manufacturer to relieve itself of liability for breach of warranty by using disclaimers even if the disclaimers are not stated on an integral part of the product or package.
D) The Uniform Commercial Code contains a provision stating that disclaimers on products cannot be considered as unconscionable.
A
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Sir Dudley North said that, "…when Money is scarce, Bullion is coyn'd; when Bullion is scarce, Money is melted." He said that in the context:
a. When the demand for money increases due to an increase in economic activity, more coins will be minted to facilitate that trade b. When the demand for money decreases due to a decrease in economic activity, more coins will be minted to encourage trade to increase c. When the supply of money is low, counterfeiting will increase d. When the supply of money is high, Ted Bullion will reduce its consumption
Which of the following does not represent an exchange risk on an exposed position to a company transacting business with a foreign vendor?
a. transaction is denominated in foreign currency, settled at a future date b. firm commitment to purchase inventory to be paid for in foreign currency c. Forecasted foreign currency transaction with a high probability of occurrence d. firm commitment to purchase inventory denominated in U.S. dollars