Drain Equipment Inc

question 62

Multiple Choice

Drain Equipment Inc. contracts to sell its assets to Earth Aquatic Corporation. Before either party has performed, rescission of this contract requires

• A)a mutual agreement to rescind.
• B)an accord and satisfaction.
• C)a novation.
• D)specific performance.

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Definitions:

Sight Draft

A financial document demanding immediate payment upon presentation to the drawee.

Sale of Goods Act

A set of laws that regulate the sale of goods, providing rights to buyers and obligations to sellers, including provisions for the quality, fitness, and description of the goods.

Consignee

The person or entity to whom goods are shipped and who is responsible for receiving the shipment.

Licensing Agreement

A contract where the licensor allows the licensee to use the licensor's property under certain conditions.