Explain the concept and significance of identification of goods. Discuss how identification takes place
Identification means the parties have designated the specific goods to be sold. Identification is important because goods must be identified to the contract before title can pass. Identification must also occur before a buyer obtains an insurable interest in the goods. The parties may agree in their contract how and when the goods will be identified, and they may identify them to the contract however they wish. If the parties do not specify, however, identification will take place according to the following rules: (a) If the contract describes specific goods that already exist, identification occurs when the parties enter into the contract. (b) For unborn animals, identification ordinarily takes place when they are conceived. For crops, identification ordinarily occurs when they are planted. (c) For other goods, identification occurs when the seller marks, ships, or in another way designates the exact goods going to the buyer.
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The debt to equity ratio equals
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Framework helps group members avoid ______, the tendency to conclude discussion prematurely.
a. early concurrence b. premature concurrence c. early agreement d. premature agreement
Transportation costs incurred to transfer products to customers are downstream costs.
Answer the following statement true (T) or false (F)