In Contracts for the Sale of Goods,do the Parties Contracting

question 36

Essay

In contracts for the sale of goods,do the parties contracting electronically or face-to-face need more protections? What circumstances might affect your opinion?

---

Definitions:

Accumulated Depreciation

The total amount of depreciation expense that has been charged against an asset since it was acquired.

Gain on Sale

The profit earned from selling an asset for more than its purchase price.

Net Realisable Value

The projected sales price under normal business operations minus the anticipated expenses to complete and the estimated costs required for the sale.

AASB 102

An Australian Accounting Standard Board regulation that specifies the accounting treatment for inventories, defining the costing methods and recognition criteria.