Asked by Tiara Singleton on May 01, 2024
Verified
Betty,the manager of The Great Retail Store,purchases a variety of merchandise on credit.When Betty quits,what notice must The Great Retail Store provide to its creditors?
A) The Great Retail Store can send a notice to all businesses in Betty's area.
B) The Great Retail Store should place a classified advertisement notice in a newspaper of general circulation.
C) The Great Retail Store should send an actual notice to parties Betty has done credit business with and place an advertised notice in a newspaper of general circulation to the rest of the public.
D) The Great Retail Store is not required to provide a notice to anyone.
Merchandise
Goods or products that are available for purchase in retail or wholesale markets, often associated with marketing and sales strategies.
Credit Business
A business or practice that involves the provision of credit, loans, or financing to consumers or other businesses.
Classified Advertisement
A form of advertising, typically found in newspapers and online platforms, which allows individuals and businesses to solicit offers for products, services, employment, etc., often categorized by subject.
- Understand the nuances and requirements for notifying creditors in business transactions and terminations.
Verified Answer
JM
Jasmyne McGeeMay 05, 2024
Final Answer :
C
Explanation :
The Great Retail Store should send an actual notice to parties Betty has done credit business with and place an advertised notice in a newspaper of general circulation to the rest of the public. This is required to inform Betty's creditors that she is no longer associated with The Great Retail Store and that they should direct any future credit inquiries to her personally.
Learning Objectives
- Understand the nuances and requirements for notifying creditors in business transactions and terminations.