Asked by
Amina Mohajir
on Nov 10, 2024
Verified
When the sale of goods is involved and a specific price has not been agreed upon, a reasonable price must be paid.
Specific Price
A definite and unambiguous cost assigned to a particular item or service.
Reasonable Price
A price that is considered fair and appropriate for the goods or services offered, taking into account various factors like market conditions, costs, and value provided.
Sale of Goods
A transaction in which ownership of tangible personal property is transferred from one party to another for a price.
- Understand the subtleties involved in transferring ownership and rights of property in sales agreements.
Verified Answer
RA
Learning Objectives
- Understand the subtleties involved in transferring ownership and rights of property in sales agreements.