If a Buyer Accepts Defective Goods and Wants to Hold

question 21

Multiple Choice

If a buyer accepts defective goods and wants to hold the seller liable, the buyer must give the seller notice of the defect:

• A) only in writing.
• B) within a reasonable time after detecting the defect.
• C) within the same financial year of the purchase.
• D) when the contract is made.

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Definitions:

Marginal Product

The additional output resulting from the use of one more unit of a production input.

Newly Built Homes

Houses that have been recently constructed and are ready for occupancy, often indicating new developments in housing markets.

Construction Workers

Laborers specifically trained to work on construction sites, handling various tasks from basic site preparation to finishing work.

Derived Demand

Derived demand occurs when the demand for a good or service arises from the demand for another good or service.