Sometimes Conditional Sale Contracts Exist Between the Manufacturer and the Retailer.How

question 49

Multiple Choice

Sometimes conditional sale contracts exist between the manufacturer and the retailer.How does the consumer know she or he is getting clear title to the goods purchased?

• A)In this case the Mercantile Agency Rule would be suspended.
• B)Because if she didn't,it would fly in the face of consumer expectations.
• C)She doesn't know for sure,that's wherein the problem lies.
• D)The federal Personal Property Security Act guarantees it to consumers.
• E)By provincial statute-buyer acquires good title if the goods are resold in the ordinary course of business.

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Definitions:

Casualty Loss Deduction

A tax deduction that allows taxpayers to deduct losses caused by sudden, unexpected or unusual events such as natural disasters, fires, or thefts.

Fair Market Value

The price at which an asset would sell under normal market conditions between a willing buyer and seller, both having reasonable knowledge of the facts.

Adjusted Gross Income

An individual's total gross income minus specific deductions, used to determine taxable income.

Itemized Deductions

Specific expenses listed on a taxpayer's return that can reduce taxable income, such as mortgage interest and medical expenses.