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Question
If the Uniform Commercial Code recognizes the fact that the parties to sales contract frequently omit terms from their agreements or state ambiguous terms, then the Code:
A. can fill in the blanks with reference to common trade practices.
B. has no power to fill in the blanks.
C. declares such a transaction as a void one.
D. penalizes both parties for such lacunae.
Answer
This answer is hidden. It contains 208 characters.
Related questions
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C. $20,000 fine and five years' imprisonment.
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Q:
Nast Corp. orally engaged Baker & Co., CPAs, to audit its financial statements. The management of Nast informed Baker that it suspected the accounts receivable were materially overstated. Although the financial statements audited by Baker did, in fact, include a materially overstated accounts receivable balance, Baker issued an unqualified opinion. Nast relied on the financial statements in deciding to obtain a loan from Century Bank to expand its operations. Nast has defaulted on the loan and has incurred a substantial loss. If Nast sues Baker for negligence in failing to discover the overstatement, Baker's best defense would be that:
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