Acceptance Under the Sale of Goods Act Means

question 20

Multiple Choice

Acceptance under the Sale of Goods Act means

• A) conduct by the buyer to accept the offer made by the seller.
• B) accepting the goods.
• C) any conduct by the buyer in relation to the goods that amounts to a recognition of the existence of a contract.
• D) an unconditional willingness to enter into an agreement with the seller on terms specified.
• E) accepting the terms of the contract of sale.

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Definitions:

Perfectly Elastic

A situation in which the quantity demanded or supplied changes infinitely in response to any change in price.

Government Revenue

The income received by government from taxes, fees, and other sources used to fund public services and obligations.

Tax

A mandatory fiscal fee or different form of levy placed on a taxpayer by a government entity to finance government expenditures and a range of public spending.

Inelasticities

A measure of the sensitivity, or lack thereof, of one variable to a change in another variable, typically used in economics to describe situations where changes in price have little to no effect on supply or demand.