Mining Corporation purchases the business assets of Open Pit Inc., including its equipment and supplies, for an agreed-to price,

Question

Alchen [17]

3 years ago

11

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

Business

1 answer:

11Alexandr11 [23.1K] · Answer 1 · 2022-12-17T19:05:36+03:00

Answer:

A sales.

Explanation:

The uniform commercial code (UCC) is a set of standardized business laws which are put in place for the regulation of financial contracts and commercial transactions used across different states in the United States of America.

In this scenario, 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 sales.