Answer:
A. Reject an installment if the nonconformity substantially impairs the value of the installment without giving the seller an opportunity to cure.
Step-by-step explanation:
A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.
There are different types of contract in business and these includes: fixed-price contract, cost-plus contract, bilateral contract, implies contract, unilateral contract, adhesion contract, unconscionable contract, option contract, express contract, installment contract, etc.
Total installment price is the total amount a consumer or customer end up paying for goods and services.
Mathematically, it can be calculated by using the formula below;
Total Installment Price = ([Monthly payment] × [No. of payments] + Down payment)
Hence, you multiply the monthly revenue by the amount of payments and add it to the down the payment.
Under an installment contract, a buyer can reject an installment if the nonconformity substantially impairs the value of the installment without giving the seller an opportunity to cure. This is in accordance with the uniform commercial code (UCC).
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.
There are special rules known as the special business standards that are set up by UCC governing the merchants and the sales of goods in the Article 2 of the uniform commercial code.