If Both the Sale of Goods Act and the Statute

question 4

Multiple Choice

If both the Sale of Goods Act and the Statute of Frauds apply to the same contract, then

• A) either or both can make the contract unenforceable.
• B) the courts have an irreconcilable problem.
• C) the Statute of Frauds takes precedence.
• D) the effects cancel out each other.
• E) neither can make the contract enforceable.

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Definitions:

Contingent Consideration

An obligation of a buyer to transfer additional assets or equity interests to the seller after meeting certain conditions post-acquisition.

Liabilities

Liabilities are financial obligations or debts that a company owes to others, which are expected to be paid in the future.

Investment Account

An account designated for holding a portfolio of investments, such as stocks, bonds, real estate, and mutual funds, different from a standard savings account.

Retained Earnings

The portion of a company's profits not distributed to shareholders as dividends but kept for reinvestment in the business or to pay off debt.