Asked by Shannon Williams on Jun 20, 2024
Verified
Mining Corporation purchases the business assets of Open Pit Inc., including its equipment and supplies, for an agreed-to price, payable in installments. Under the UCC, this transaction is
A) a contract for services.
B) a sublease.
C) a lease.
D) a sale.
Business Assets
Resources owned by a business that have economic value and can contribute to the company's future income, including both tangible and intangible items.
Payable In Installments
An agreement or obligation that allows payment to be made in parts or increments over a specified period, instead of a lump sum.
- Acquire knowledge about the essential doctrines and implementations of the Uniform Commercial Code (UCC) concerning the sales and leases of goods.
Verified Answer
SN
SIERRA NANCEJun 23, 2024
Final Answer :
D
Explanation :
This transaction is considered a sale under the Uniform Commercial Code (UCC) because it involves the transfer of ownership of goods (equipment and supplies) from one party to another for a price. The UCC primarily governs sales of goods and certain aspects of their financing.
Learning Objectives
- Acquire knowledge about the essential doctrines and implementations of the Uniform Commercial Code (UCC) concerning the sales and leases of goods.