BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Barter
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Price
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Services
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All of these
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Detailed explanation-1: -Consideration in a contract of sale has to be in the form of money. Barter of exchange is used when the consideration is in the form of goods. This method was used before the prevalence of currency. For a sale to exist, goods have to be sold for a given amount of money, or price.
Detailed explanation-2: -Types: Consideration could be a promise, performance, forbearance, or property with legal value, but the economic benefit is not required.
Detailed explanation-3: -The consideration is the value that the buyer transfers to the seller. Or, simply put and in most cases, the consideration reflects how much (or the dollar amount) the buyer spent to purchase the item.
Detailed explanation-4: -(13) “seller” means a person who sells or agrees to sell goods; (14) “specific goods” means goods identified and agreed upon at the time a contract of sale is made; and.
Detailed explanation-5: -Consideration in a contract of sale should be money to seller and goods to seller.