Examlex

Solved

Janicka Purchased a Snowmobile from Andrew Under a Conditional Sale

question 45

True/False

Janicka purchased a snowmobile from Andrew under a conditional sale agreement. Andrew registered the conditional sale agreement pursuant to the requirements for registration set down in the provincial legislation. Janicka later sold the snowmobile to Gary, who purchased the machine without making a search for conditional sale agreements. If Janicka defaults in payment to Andrew, Andrew may seize the snowmobile from Gary.


Definitions:

Donation

A voluntary gift or contribution of money or goods to a charitable organization or cause.

Lump Sum Payment

A lump-sum payment made on a certain occasion, in contrast to sequential smaller payments.

Employment Contract

A formal agreement that specifies the terms of the relationship between an employer and an employee, including duties, duration, and compensation.

Funds

Financial resources set aside for a specific purpose or investment.

Related Questions