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Question
Under Article 2 of the UCC, why does it matter whether a party to a contract is a merchant?
A. It is the test for applying Article 2 of the UCC.
B. Merchants are treated differently than other parties.
C. All contracts in which one or both parties are merchants are handled under Article 2A of the UCC.
D. Article 2 does not concern itself with cases regarding the transactions of goods.
Answer
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Related questions
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B. $10,000 fine and five years' imprisonment.
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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Q:
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A. An accountant who prepares and audits financial statements of companies.
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C. A securities broker who provides investment advice to retail investors.
D. An attorney who advises companies on corporation and business laws.