Last Night at the Dinner Table,Uncle Isaac Started on Again

question 86

Multiple Choice

Last night at the dinner table,Uncle Isaac started on again about his company buying a truck on time.Which of these statements by his friends is false with regard to conditional sales contracts?

• A) If goods are repossessed under a conditional sales contract, the creditor must use commercially reasonable care to protect the goods and keep them in good repair.
• B) If the company is in default, in some provinces the conditional seller can seize the truck, sell it, and sue for any deficiency between the amount received and the amount the company owes.
• C) If the company is in default and the conditional seller seizes the truck, the relevant statute provides that it still has the right to redeem it within a short period of time.
• D) The rights and obligations of the company differ substantially if the company buys the truck under a chattel mortgage rather than a conditional sale contract.
• E) If the company were in default, the conditional seller could sell the truck, but it must return any of the proceeds from that sale beyond the debt and costs owed.

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Definitions:

Outcomes

The results or consequences of actions or experiments that can be measured or observed.

Continuous Intervals

Ranges in mathematics and statistics without any breaks or discrete jumps, often used in calculations involving real numbers.

Real Numbers

A set of numbers that include both rational and irrational numbers, representing all possible magnitude and quantity values.

Probability Mass Function

A function that gives the probability that a discrete random variable is exactly equal to some value.