In a Contract for the Sale of Unascertained and Future

question 15

Multiple Choice

In a contract for the sale of unascertained and future goods,the risk of loss or damage is transferred from the seller to the buyer when:

• A)the parties intended it should happen,usually when the contract is made.
• B)the seller pays for the goods.
• C)the goods are delivered to the seller in accordance with the terms of the contract.
• D)the goods are identified and are set aside with the approval of both parties.

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Definitions:

Excess Supply

The situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price.

Price

is the amount of money required to purchase a good or service, serving as the exchange rate between money and the good or service.

Quantity Supplied

Quantity Supplied refers to the amount of a good or service that producers are willing and able to sell at a given price.

Market Equilibrium

Occurs when the quantity of goods demanded by consumers equals the quantity of goods supplied by producers, resulting in a stable market price.