Please answer the ff:
The implied condition of fitness refers to O the implied term that the goods are of a type that is suitable for the purpose for which they were bought. 0 the transfer of goods from one business to another for the purpose of sale. the implied term that the seller has a right to sell the goods. 0 the implied term that the goods are in reasonable condition and free from defects that would make them unsuitable for use. the implied term that goods sold by description will conform to the description. Gary is a wealthy stockbroker. Unfortunately his identity was stolen and his bank accounts are temporarily frozen. Gary needs a loan to tide him over until he is paid next week. Gary goes to Robert for a loan of $1000. Robert knows Gary and his normal financial situation. Gary provides proof that he normally has the means to repay any loan. Ftobert loans Gary the money at 500 percent interest. Gary agrees because he needs to pay his rent. Can this transaction voided? 0 Yes, because a high interest rate always makes the loan agreement void 0 No, because Gary agreed to the terms 0 No, because Gary can afford to pay the high interest rate 0 Yes, because the interest rate is unnecessarily high O No, because a high interest rate is never cause to void a contract Which of the following statements is false regarding the Sale of Goods Act? 0 The Act works to support the common law to help ensure contracts are valid. 0 Contracts created under the Act do not require consideration. 0 The Act applies in any contract for the purchase and sale of goods, unless waived. O The purpose of the Act is to imply terms into contracts for goods that are missing them. 0 Parties to a contract do not have to use any term or convention in the Act. There are several common methods to determine who will bear the responsibility for goods in transit (and therefore the risk if the goods are damaged or destroyed). In a cash on delivery contract, 0 O O O O the buyer assumes all responsibility once the goods leave the seller's place of business. the parties specifically state the point at which the responsibility is passed from the seller to the buyer. the seller assumes all responsibility until the goods are delivered to the buyer and paid for. the party responsible for the costs and insurance in transit assumes all responsibility. The buyer and seller are jointly responsible for the goods until the goods are at the halfway point between the seller's place of business and the buyer's. Under the Sale of Goods Act, if a contract was for a truckload of potatoes at a set price per pound when does the title pass to the buyer? 0 When the seller weighs the potatoes and notifies the buyer of the total price 0 When the parties make the contract When the seller loads all the potatoes on truck and notifies the buyer they are ready for delivery 0 When the truckload of potatoes arrives at the buyer's place of business and is accepted When the seller accepts payment for the potatoes Under the Sale of Goods Act, if there is a breach of an implied condition, can the victim treat the contract as terminated and refuse to perform? 0 Yes. The victim can refuse to perform but only if he does not accept the goods knowing of the breach. 0 No. The breach of the condition makes the contract invalid but the victim must perform and then seek damages. No. The breach of an implied condition does not allow the victim to refuse performance. only the breach of a written condition does. 0 Yes. The victim can refuse to perform when a condition is breached. No. The breach of an implied condition does not allow the victim to refuse performance, only the breach of a warranty does. Ann orders a large screen TV online from a major retailer. She orders a specific size to fit her bookcase without being too thin (Ann fears any thinner would break). When her new TV arrives, it fits and works but it much thinner than described. Has an implied condition of the Sale of Goods Act been breached? 0 Yes. The TV does not match the sample provided. 0 Yes. The TV is not fit for its intended purpose. 0 No. Since the TV can be used and fits on the bookcase, there is no breach of contract. 0 No. The TV being thinner does not affect its usefulness so it is only a breach of a warranty. 0 Yes. The TV does not match the description. In which of the following situations does the implied warranty of fitness not apply? 0 A buyer wants a sheer curtain and asks for a recommendation. A buyer is looking for a kayak that can double as a floatation device and mentions that desire to the salesperson. A buyer is looking for a sharp knife and asks for a recommendation. A buyer wants a long-lasting light bulb and the salesperson suggests a brand. A buyer wants a wood stain and makes a purchase based on the trade name. @000 Upon default of the other party, both sellers and buyers in international transactions have remedies under the International Sale of Goods Act and common law. What can limit these remedies? Q If the contract is silent about possible remedies Q If there is no written contract 0 The buyer's refusal to acknowledge them Q The seller's refusal to acknowledge them 0 Limited warranties in the contract Zach sells a bushel of apples to Nancy. The agreed to purchase price was $50. Nancy takes the apples and the title to them. Nancy refuses to pay for the apples. What damages can Zach seek? O O O O 0 Specific performance, the return of the apples, so that Zach can re-sell them Losses resulting from the breach because the apples are in Nancy's possession $50, because a seller is always entitled to the full purchase price upon the buyer's breach Losses resulting from the breach because that is always the appropriate contractual remedy $50, because the title was transferred
