Which of the Following Statements Is TRUE

question 56

Multiple Choice

Which of the following statements is TRUE?

• A)The basic distinction between conditions and warranties is the same under both the Sale of Goods Act and the general law of contracts.
• B)Although the parties are generally free to accept or reject parts of the Sale of Goods Act, they cannot decide to treat a statutory condition as if it was a warranty.
• C)If there is a breach of contract under the Sale of Goods Act, the plaintiff must use the statutory remedies rather than the remedies that are generally available for a breach of contract.
• D)The Sale of Goods Act always imposes an implied condition that the goods are suitable for the buyer's purpose.
• E)The Sale of Goods Act now classifies a number of implied obligations as innominate terms.

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Definitions:

Balance

This term can refer to the difference between total debits and total credits in an account, or to achieving a state of equilibrium in various contexts such as financial planning, work-life balance, etc.

Payments

Payments are the transfers of money or the consideration of goods or services from one individual or entity to another.

Gold Standard

A historical system of fixed exchange rates in which nations defined their currency in terms of gold, maintained a fixed relationship between their stock of gold and their money supplies, and allowed gold to be freely exported and imported.

Current Account

The section of a nation’s international balance of payments that records its exports and imports of goods and services, its net investment income, and its net transfers.