If a Contract Is for the Sale of Specific Goods

question 33

Multiple Choice

If a contract is for the sale of specific goods that are not yet ready for delivery to the buyer:

• A)ownership passes to the buyer at the time the contract is formed.
• B)ownership passes to the buyer when the seller has done whatever needs to be done to put the goods into a deliverable state and the buyer has been notified accordingly.
• C)there is no valid contract.
• D)ownership is transferred to the buyer when payment has been made for the goods.

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Definitions:

Mutual Assent

An agreement between parties that intend to form a contract, evidenced by an offer and acceptance.

Consideration

A value that is promised, given, or received by a party in a contract, making the agreement legally enforceable.

Justifiable Reliance

The reasonable trust placed by one party in the representations of another, particularly in situations leading to contracts or agreements.

Noncontractual Promise

An assurance or pledge not bound by a formal contract and generally not enforceable by law.