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Sales - Diagnostic Exercises Test I: Contract Types

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Sales - Diagnostic Exercises Test I: Contract Types

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Questions and Answers

What type of contract was entered into for the pair of shoes provided to Michael Barkley?

A contract of sale (correct)

Both a and b

A contract for a piece of work

Neither a nor b

What type of contract was entered into for the pair of shoes provided to Charles Jordan?

Both a and b

A contract of sale

A contract for a piece of work (correct)

Neither a nor b

What was the value of the diamond ring given by B to S in the contract?

$300,000

$110,000 (correct)

$200,000

$90,000

What was the total monetary consideration given by B to S in the contract?

$200,000 Signup and view all the answers

What is the heading of the written contract signed by the parties?

Contract of Sale Signup and view all the answers

Which statement is correct regarding the validity of a contract of sale?

The contract is valid regardless of whether the monetary consideration is more or less than the value of the property consideration. Signup and view all the answers

In which situation is the price in a contract of sale not considered certain?

If the fixing of the price is left to the discretion of one of the contracting parties and the price fixed is not accepted by the other party. Signup and view all the answers

In the scenario involving S delivering a television set to B 'on sale or return', which statement is incorrect?

The ownership of the television set was transferred to B upon delivery to him. Signup and view all the answers

In which of the following cases does delivery of goods to a carrier transfer ownership to the buyer?

When the owner does not reserve the right of possession or ownership of the thing sold upon delivery to the carrier. Signup and view all the answers

In a contract of sale of personal property where the price is payable in installments, which remedy is NOT available to the vendor?

Foreclose the chattel mortgage on the thing sold. Signup and view all the answers

Which statement is correct regarding Statement I and Statement II?

Both statements are false. Signup and view all the answers