1 . If Mario trades his wristwatch for an umbrella at a flea market, can he rely on the implied terms of the Sale of Goods Act to ensure that the umbrella will be of merchantable quality? Explain with specific attention to relevant legal concepts.

2 . When does the risk transfer to the buyer in a sale of goods transaction? Explain the exceptions to this general rule.

3. A contract is binding if the consideration involved is a commitment not to do something, as opposed to a promise to do something. Applying the legal principle(s) discussed in contract law, explain the accuracy of this statement.

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