Understanding Chapter 18: Index Numbers

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What is the purpose of constructing index numbers?

To calculate absolute values of economic and business data
To forecast future economic trends
To measure growth or decline of various economic and business data (correct)
To compare data between different industries

What is the key function of index numbers?

Forecasting future economic trends accurately
Measuring relative changes of differences from time to time or place to place (correct)
Representing absolute values of economic data
Calculating the mean of a set of values

What are the types of index numbers mentioned in the chapter?

Price Index Numbers and Quantity Index Numbers (correct)
Local Index Numbers and Global Index Numbers
Economic Index Numbers and Business Index Numbers
Growth Index Numbers and Decline Index Numbers

What is the purpose of Chain Index Numbers?

To link together different periods' index numbers (A) Signup and view all the answers

Explain the importance of determining the time at which ownership of goods passes from the seller to the buyer in a contract of sale.

The importance of determining the time of transfer of ownership lies in establishing who bears the risk in case of loss or damage to the goods. The general rule is that risk passes with the property, so identifying the owner at the time of loss or damage determines who bears the burden. Additionally, the seller can only file a suit for price once the property has passed to the buyer. Signup and view all the answers

Define appropriation of goods and discuss its impact on the passing of property in goods.

Appropriation of goods refers to the allocation or setting aside of specific goods for a specific contract. It affects the passing of property by establishing a clear link between the goods and the contract, thereby determining when the ownership is transferred from the seller to the buyer. Signup and view all the answers

Differentiate between passing of property and passing of title in the context of a contract of sale.

The passing of property refers to the transfer of ownership from the seller to the buyer, while the passing of title refers to the transfer of legal ownership rights. These two concepts may occur simultaneously, but they can also be separate, especially in cases involving conditional sales or reservation of title clauses. Signup and view all the answers

Explain the rule of ‘nemo dat quod non habet’ (no one can give what he has not got) and provide examples of its exceptions.

The rule of ‘nemo dat quod non habet’ means that a person cannot transfer a better title than what they themselves possess. Exceptions to this rule include situations involving good faith purchase for value, estoppel, and statutory exceptions such as negotiable instruments and sales by a merchant. Signup and view all the answers

Discuss the rules related to the delivery of goods and acceptance of goods in a contract of sale.

The rules related to the delivery of goods include the seller's duty to deliver the goods, the buyer's duty to accept the goods, and the specific requirements for a valid delivery. Acceptance of goods involves the buyer's assent to take the goods and can be actual, constructive, or conditional. Signup and view all the answers

Understanding Chapter 18: Index Numbers

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Questions and Answers

What is the purpose of constructing index numbers?

What is the key function of index numbers?

What are the types of index numbers mentioned in the chapter?

What is the purpose of Chain Index Numbers?

Explain the importance of determining the time at which ownership of goods passes from the seller to the buyer in a contract of sale.

Define appropriation of goods and discuss its impact on the passing of property in goods.

Differentiate between passing of property and passing of title in the context of a contract of sale.

Explain the rule of ‘nemo dat quod non habet’ (no one can give what he has not got) and provide examples of its exceptions.

Discuss the rules related to the delivery of goods and acceptance of goods in a contract of sale.

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