With Regard to a Contract for the Sale and Purchase

question 126

Multiple Choice

With regard to a contract for the sale and purchase of goods, which of the following is false?

• A) The Act provides a number of implied terms that may be added to the contract if the parties failed to mention those particular matters.
• B) Title to the goods may pass to the buyer at the time of contract.
• C) The buyer of used goods has the protection of the implied terms of the Sale of Goods Act, but the Act does not automatically void an exemption clause in a contract for the sale of used goods.
• D) Contracts for the sale of goods valued at more than $2 must be in writing in order to be enforceable.
• E) To guard against loss, a buyer of costly goods should have his insurance in place by the time that title passes to him, because the person with title generally bears the loss.

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Definitions:

Marked Down

Refers to products that have their prices reduced, usually to encourage quick sales or clear out inventory.

Demand Increase

A rise in the quantity of a product or service that consumers are willing and able to purchase at a given price over a certain period of time.

Maintained Markup

The difference between the retail price and the cost of an item to the retailer, maintained as a percentage of the retail price.

Retail Picture Frame Store

A retail business specializing in the sale of frames for pictures, artwork, and documents, catering to both consumers and professionals.