Asked by Victor Nwakaihe on May 13, 2024
Verified
A contract is a sale-or-return contract if the seller allows the buyer to take possession of the goods before deciding whether to complete the contract by making the purchase.
Sale-Or-Return Contract
A contract in which the buyer and seller agree that the buyer may return the goods at a later time.
- Comprehend the effects and relevance of the UCC in commercial operations.
Verified Answer
SJ
Sheba JohnsonMay 18, 2024
Final Answer :
False
Explanation :
A contract is a sale-on-approval contract if the seller allows the buyer to take possession of the goods before deciding whether to complete the contract by making the purchase.In a sale-or-return contract,title and risk of loss remain with the seller until the buyer notifies the seller about the approval of the contract.
Learning Objectives
- Comprehend the effects and relevance of the UCC in commercial operations.
Related questions
Corporate Stocks Are Treated as Goods Under the UCC
The Uniform Commercial Code Was Created in ________
A Sale-On-Approval Contract Occurs When the Seller and Buyer Agree ...
The UCC Promotes Commerce by Simplifying and Streamlining Commercial Transactions
An Auto Lease Between a Consumer and a Car Dealer ...