Parties to a Sale of Goods Contract Are Always Bound

question 44

True/False

Parties to a sale of goods contract are always bound by the implied terms established by the Sale of Goods Act.

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Definitions:

Mark-up

Elevating the base cost of merchandise to reimburse for overhead activities and profit.

Markdown

A reduction from the original price of an item to increase its attractiveness to buyers.

Overhead

The ongoing business expenses not directly attributed to creating a product or service.

Operating Profit

The profit earned from a firm's normal business operations, excluding deductions of taxes and interest.