Explain the concept and significance of identification of goods. Discuss how identification takes place.
What will be an ideal response?
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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_____ is an expert system that includes instrumentation that connects to the patient's body and feeds various data about the patient's condition into the ES to be analyzed for pulmonary diseases.
Fill in the blank(s) with the appropriate word(s).
Two years ago, Gina loaned Tom $50,000. Tom signed a note the terms of which called for monthly payments of $2,000 plus 6% interest on the outstanding balance. Last year, when the balance owing on the loan was $18,000, Tom defaulted on the note. As of the end of last year, there appeared to be no reasonable prospect of Gina recovering the $18,000. As a consequence, Gina claimed the $18,000 as a nonbusiness bad debt. Last year, Gina had AGI of $50,000, which included $16,000 of net long-term capital gains. Gina did not itemize her deductions. During the current year, Tom paid Gina $13,000 in final settlement of the loan. How should Gina account for the payment in the current year?
A. File an amended tax return for last year. B. Report no income for the current year. C. Report $2,000 of income for the current year. D. Report $5,000 of income for the current year. E. None of these.
If Johnny made an oral contract with Peter to sell Peter his truck for $15,000, Johnny's eventual refusal to sell the truck is considered breach of contract
Indicate whether the statement is true or false
When a person indorses a check, the indorser assumes contractual liability based on the indorsement. This liability expires unless presentment is made
A. within 3 days of indorsement. B. within 7 days of indorsement. C. within 30 days of indorsement. D. within a reasonable time after the indorsement.