Simple Purchased a Snowmobile from Simon Under a Conditional Sale

question 65

True/False

Simple purchased a snowmobile from Simon under a conditional sale agreement.Simon registered the conditional sale agreement pursuant to the requirements for registration set down in the provincial legislation.Simple later sold the snowmobile to Smith,who purchased the machine without making a search for conditional sale agreements.
-If Simple defaults in payment,and Simon seizes the snowmobile,Smith would have a right of action against Simple.

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Definitions:

Debt Retirement

The process of paying off an outstanding debt over a period, typically through a series of regular payments.

Operating Activity

The day-to-day actions that are involved in running a business and generating income, such as sales, provision of services, and production.

Interest Paid

The total amount paid by a borrower to lenders as a charge for borrowing money, typically expressed as an annual percentage of the loan principal.

Cash Flows

Cash flows refer to the total amount of money being transferred into and out of a business, especially as affecting liquidity.