With Regard to a Contract for the Sale and Purchase

question 69

Multiple Choice

With regard to a contract for the sale and purchase of goods, which of the following is False?

• A) Title to the goods may pass to the buyer at the time of contract.
• B) Contracts for the sale of goods valued at more than $2 must be in writing in order to be enforceable.
• C) The Act provides a number of implied terms that may be added to the contract if the parties failed to mention those particular matters.
• D) To guard against loss, a buyer of costly goods should have his insurance in place by the time that title passes to him, because the person with title generally bears the loss.
• E) The buyer of used goods has the protection of the implied terms of the Sale of Goods Act, but the Act does not automatically void an exemption clause in a contract for the sale of used goods.

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Definitions:

Variable Costing

An accounting method that includes only variable production costs in the cost of goods sold and treats fixed overhead costs as period expenses.

Manufacturing Cost

This encompasses the total expenses related to producing goods, including costs for materials, labor, and overhead.

Absorption Costing

A costing technique encompassing all expenses tied to production, including direct materials, direct labor, along with variable and fixed overhead costs, as part of a product's cost.

Variable Costing

An accounting approach where only variable costs are included in the cost of goods sold and fixed overhead costs are treated as period expenses.