Which of the Following Is Recognized as a Term That

question 34

Multiple Choice

Which of the following is recognized as a term that cannot be easily classified under the Sale of Goods Act?

• A) implied term
• B) innominate term
• C) condition
• D) warranty

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Definitions:

Fixed Price

A specific price point that does not change over time, often set for products, services, or agreements.

Asset

An economic resource owned or controlled by an individual or company, expected to produce future benefits.

Strike Price

The specified price at which an options contract can be executed, determining the buying or selling price of the underlying asset.

Option Contract

A contract which grants the buyer the right, but not the obligation, to buy or sell an underlying asset at a set price within a specific time period.