Goods Must Be Both Existing and Identified to the Contract

question 68

True/False

Goods must be both existing and identified to the contract before any interest in them can pass.

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Definitions:

Unilateral

An action or agreement in which only one party makes a promise or fulfills a requirement, without requiring a reciprocal action.

Express Agreement

A contract or agreement in which the terms are explicitly stated and agreed upon by all parties involved.

Illegal

Activities or actions that are prohibited by law and subject to penalties.

Offer

A proposal by one party to enter into a legally binding agreement with another party.