Asked by Zachary Siegel on Jul 04, 2024
Verified
To which one of the following contracts would the Sale of Goods Act apply?
A) A contract for the sale and purchase of a farm
B) A contract for the assignment of a company's accounts receivable
C) A contract with an artist to have a portrait painted
D) A contract in which one party gives an antique pin in exchange for the other party giving an antique cigar box
E) A contract in which the seller sells a computer and ownership will transfer to the buyer at a specified future time
Company's Accounts Receivable
The money owed to a company by its customers for goods or services that have been delivered but not yet paid for.
Specified Future Time
A distinct and identified point in the future that is agreed upon or determined by context or contract.
- Discern the types of contracts and transactions subject to the Sale of Goods Act.
- Gain an understanding of the scope and deployment of the Sale of Goods Act.
Verified Answer
ZK
Zybrea KnightJul 05, 2024
Final Answer :
E
Explanation :
The Sale of Goods Act applies to contracts where goods are sold and ownership is transferred from the seller to the buyer, either immediately or at a specified future time. A computer is considered goods, and the condition of transferring ownership at a future time fits within the scope of the Sale of Goods Act.
Learning Objectives
- Discern the types of contracts and transactions subject to the Sale of Goods Act.
- Gain an understanding of the scope and deployment of the Sale of Goods Act.