A Statutory Term Requiring Goods to Be 'Fit for Their

question 8

Multiple Choice

A statutory term requiring goods to be 'fit for their purpose' means:

• A)The actual goods sold must correspond with the description of the goods given at or before the time of the contract in advertising, packaging or signage.
• B)The goods sold must be of a quality one would reasonable expect taking into account relevant circumstances, including the price paid for the goods.
• C)The goods must be appropriate for use in accordance with their intended purpose.
• D)The seller has the right to sell the goods to the buyer.

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Definitions:

Total Collection Time

The total amount of time taken to collect payments from customers from the point of sale to the actual receipt of funds.

Customer Cheques

Checks written by customers to pay for goods or services.

Monthly Statements

Financial reports that are issued at the end of each month detailing the financial activities, such as income and expenses, over the course of that month.

Collection Time

The standard timeframe a business needs to obtain amounts owed by its customers.