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.

Question

Quizplus · Accepted Answer

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.

Mining Corporation Purchases the Business Assets of Open Pit Inc