Asked by Morgan Beasley on Jun 14, 2024
Verified
A sale-on-approval contract occurs when the seller and buyer agree that the buyer may return the goods at a later time.
Sale-On-Approval Contract
A contract in which the seller allows the buyer to take possession of the goods before deciding whether to complete the contract by making the purchase.
- Familiarize oneself with the role and significance of the UCC in the realm of commercial transactions.
Verified Answer
SB
SIMAR BHANGUJun 18, 2024
Final Answer :
False
Explanation :
A sale-or-return contract occurs when the seller and buyer agree that the buyer may return the goods at a later time.Such contracts usually occur when the buyer is taking inventory to resell.A contract is a sale-on-approval contract if the seller allows the buyer to take possession of the goods before deciding whether to complete the contract by making the purchase.
Learning Objectives
- Familiarize oneself with the role and significance of the UCC in the realm of commercial transactions.
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