On March 1, Giselle Saw Harlan Demonstrating a New Type

question 44

Multiple Choice

On March 1, Giselle saw Harlan demonstrating a new type of widget at a trade show.On April 1, she ordered one from him.Under the terms of that contract, Harlan was required to deliver the widget on May 1 and Giselle was required to pay the entire purchase price of $10 000 on June 1.Harlan did not deliver the widget until May 15.Although Giselle accepted the item and agrees that it is in good working order, she is unhappy.The late delivery caused her to lose $5000 in profits.She should sue Harlan on the basis of his breach of an implied term

• A)concerning description.
• B)dealing with samples.
• C)that is classified as a condition, rather than a warranty, under the Sale of Goods Act.
• D)that requires fitness for purpose.
• E)of merchantable quality.

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Definitions:

Consolidated Income Statement

Consolidated Income Statement is a financial statement that aggregates the financial performance of a company and its subsidiaries, presenting the overall income, expenses, and net income.

Gain on Sale

Gain on Sale is the financial profit made from selling an asset for more than its purchase price or book value, excluding the costs associated with the sale.

Consolidated Income Statement

A financial statement that summarizes the financial performance of an entire group of companies, including all subsidiaries, for a given period.

Income Tax Rate

The percentage at which an individual or corporation is taxed on their income, which can vary depending on the level of income earned and jurisdiction.