In Consumer Transactions in Ontario,it May Not Be Possible to Contract

question 24

Essay

In consumer transactions in Ontario,it may not be possible to contract out of the terms implied by the Sale of Goods Act.Explain what this means and its significance.

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Definitions:

Accounts Receivable

Amounts due from clients to a business for goods or services that have been supplied or rendered but haven't been settled.

Accounts Payable

Amounts owed by a company to suppliers or creditors for goods and services received but not yet paid for.

Supplies

Materials and items consumed or used in the day-to-day operations of a business but not directly tied to the products manufactured.

Utilities Expense

The cost incurred by a business for basic services such as electricity, water, gas, and sewage during an accounting period.