If a Contract Is for the Sale of Unascertained Goods

question 33

Multiple Choice

If a contract is for the sale of unascertained goods:

• A)Ownership passes at the time the contract is formed, regardless of when payment or delivery takes place.
• B)The buyer does not become the owner until the goods are selected and agreed upon by both parties.
• C)Ownership passes at the time that payment for the goods takes place.
• D)Ownership passes at the time delivery of the goods is carried out.

Comprehend the concept and formulation of null and alternative hypotheses.

Distinguish between the decision outcomes in hypothesis testing (true positive, true negative, false positive, false negative).

Examine the relationship between the level of significance and error types.

Realize the impact of changing the level of significance on the probabilities of committing Type I and Type II errors.

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Definitions:

Independent Large Samples

This refers to samples that are drawn from populations in such a way that the selection of a unit in one sample does not influence the selection of units in other samples, and each sample contains a sufficiently large number of observations.

Population Standard Deviations

The square root of the population variance, indicating how data is dispersed around the mean.

Test Statistic

A value calculated from sample data during a hypothesis test that is used to make a decision regarding the acceptance or rejection of the null hypothesis.

Level of Significance

A threshold or cut-off value used in statistical tests to decide whether to reject the null hypothesis, typically denoted by alpha (α).