In marketing law, the sale of goods as a contract whereby the Seller transfers or agrees to transfer the property in goods to the Buyer for a Consideration called Price consisting wholly or partly of money. Discuss
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- Under the Uniform Commercial Code (UCC), which of the following remedies is available to both buyers and sellers? Select one: a. Recovering the total value of goods in the contract b. Recovering profit from the resale of nonconforming goods by the other party c. Damages in the amount of the difference between the contract price and the market price of goods d. Obtaining specific performance of the contractIf a price is not determined by the parties in a contract of sale, the buyer is bound to pay________________. Select one: a. the price which the buyer thinks is reasonable b. the price to be determined by a third independent person c. the price demanded by the seller d. a reasonable priceWhich one of the following is a term that is implied by statute? Select one: a. A term required to make the contract between the parties effective b. A term that goods must be of merchantable quality c. Good faith d. A term implied on the basis of past dealings between the parties
- If the third person is prevented from fixing the price by fault of the seller or buyer, the party not in fault may obtain redress against a person the party in fault. a. True b. False c. Partly true d. Partly falseIf the delivery term in the parties’ contract for the sale of goods is FOB the place at what the goods originated, absent any other agreement, the buyer is responsible for making reasonable arrangements for the goods to be shipped. true or falseTrue or False In a contract for the sale of goods, if the seller does not have a place of business and the contract does not mention delivery in any way, delivery is to be made at the buyer's house.
- Which of the following is true? Select one: a) The seller or the supplier shall perform his/her deeds within the promised period, as of the moment the consumer's order is received. In any case, the period shall not exceed thirty days in the sale of goods. The contract is deemed to be automatically cancelled if the seller does not perform his/her deeds within such period. b) You have a right to withdraw form the contract (and send back the goods) in 7 days without stating any reason and without having to pay anything (including price and any type of claim for withdrawing the contract). c) A contract concluded by parties on internet is specified as a distance contract. d) Electronic commerce law only deals with sales contracts concluded in internet.Section 1(1) of the Sale of Goods Act, 1962 (Act 137) provides that, “Sale of goods is a contract whereby the Seller transfers or agrees to transfer the property in goods to the Buyer for a Consideration called Price consisting wholly or partly of money”. Discuss five elements of sale of goods agreements with reference to international sale contract. Answer with much definitions and application of law.43. When does the buyer obtain real right over the fruits of the determinate thing sold in a contract of sale? Group of answer choices From the moment of actual delivery of the fruits of the determinate thing sold From the moment of constructive delivery of the determinate thing sold From the moment of perfection of contract of sale From the moment of full payment of the price
- How is an offer terminated? Describe the circumstances in which a counteroffer results.Section 1(1) of the Sale of Goods Act, 1962 (Act 137) provides that, “Sale of goods is a contract whereby the Seller transfers or agrees to transfer the property in goods to the Buyer for a Consideration called Price consisting wholly or partly of money”. Discuss five elements of sale of goods agreements with reference to international sale contract. Answer with much definitions and application of law. With good examplesFresh Grow Farm enters into a contract with Gourmand’s Restaurant for a sale of a certain quantity of specified vegetables. After Fresh ships the produce but before Gourmand’s receives it, the buyer declares bankruptcy. Fresh can stop delivery of the goods in transit a. only if the quantity is at least a truckload. b. regardless of the quantity. c. only if the quantity is at least 50 percent of the contract amount. d. only if the quantity is in a single “unit.” If the seller is not a merchant, and the goods are being held by the seller for the buyer to pick up, the risk of loss passes to a buyer on identification. True False To protect a buyer from surprise, a warranty can be limited only by general, ambiguous language. True False