If the Contract Doesn't Say Who Bears the Loss If

question 9

Multiple Choice

If the contract doesn't say who bears the loss if an item is lost or stolen,the Sale of Goods Act says risk goes with title.If the contract doesn't say when the title will pass,the Sale of Goods Act implies when it will pass.In which of the following will the statute imply that title will pass to the buyer at the time of the contract?

• A)George calls a store and asks it to deliver the table advertised in its catalogue.The store agrees,takes his credit card number,and promises to deliver the table on Friday.
• B)Azar goes into a store specializing in old woodworking tools.He chooses a $10 tooling machine.The contract provides that it would be delivered to his workshop the next morning and he would pay for it in one month.
• C)Maureen contracts for Ms.Roberts' next year's pumpkin crop.
• D)Agro Ltd.buys all chemicals contained in the container marked "A" but the price has to be ascertained by measuring the number of litres in the container.
• E)While at Sears,Preston decides to buy the style of sofa he sees on display.He pays cash and the store arranges to have one like it,covered in the material he selects,delivered directly to him from the factory.

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Definitions:

Tax Policy

The set of laws and regulations governing how taxes are collected, managed, and utilized by a government.

Tax Revenue

The income that is gained by governments through taxation, which is used to fund public services, infrastructure, and government operations.

Marginal Rate Of Substitution

The rate at which a consumer is willing to trade one good for another while maintaining the same level of utility.

Marginal Rate Of Transformation

The rate at which one good must be sacrificed to produce one additional unit of another good, holding technology and resources constant.