Which of the Following Statements Is Correct with Respect to the Sale

question 141

Multiple Choice

Which of the following statements is correct with respect to the Sale of Goods Act?

• A) The parties are restricted to contract out of any of the terms of the Sale of Goods Act.
• B) Some of the terms of the Sale of Goods Act are implied in the contract of sale.
• C) The Sale of Goods Act does apply to the assignment of a contractual claim.
• D) The Sale of Goods Act does apply to the sale of land.
• E) The terms included in the Sale of Goods Act override the terms agreed upon by the parties to such a sale of goods.

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Definitions:

Constant Payment

A fixed amount of money paid periodically in a loan agreement until the loan is repaid in full, including both principal and interest.

Time Premium

The difference between intrinsic value and the option price.

Call Option

A financial contract that gives the purchaser the right, but not the obligation, to buy an asset at a predetermined price before or at the expiration date.

Put Option

A financial contract giving the option holder the right, but not the obligation, to sell a specified amount of an underlying asset at a set price within a specified time.