When is a buyer in breach of a sales contract?
What will be an ideal response?
A buyer breaches a sales contract if he or she refuses to take delivery of conforming goods, repudiates the contract, or otherwise breaches the contract. A buyer who breaches a sales contract before the risk of loss would normally pass to him or her bears the risk of loss of any goods identified to the contract. The risk of loss rests on the buyer for only a commercially reasonable time. The buyer is liable only for any loss in excess of insurance recovered by the seller.
You might also like to view...
Cost is the economic sacrifice made to acquire goods or services
Indicate whether the statement is true or false
In expectancy theory, __________ expectancy is the expectancy that putting effort into a given task will lead to high performance.
Fill in the blank(s) with the appropriate word(s).
Companies feel compelled to look for quantifiable marketing techniques because
A) the government is increasing regulation of advertising and public relations. B) traditional media connectors are largely unreliable. C) not everything a company does is newsworthy. D) the effects of communication are not quantifiable. E) price pressure, global competition, and investor demands are escalating.
Junkman Autos uses a separate checking account to pay their employees. The gross pay for the period was $1,000. However, after deductions were taken out, the net pay for the period was $820. The journal entry to record the issuance of payroll checks to their employees is:
A.
| Salaries Payable | $ | 820 | ||
| Cash | $ | 820 | ||
B.
| Salaries Payable | $ | 1,000 | ||
| Cash | $ | 1,000 | ||
C.
| Salaries Expense | $ | 820 | ||
| Salaries Payable | $ | 820 | ||
D.
| Salaries Expense | $ | 820 | ||
| Cash | $ | 820 | ||