An agreement whereby the seller transfers or agrees to transfer the property in goods for a monetary consideration is a

Assessment: WAEC SSCE - Commerce - 2008 (Objective) Subject: Commerce

Question 1 Report

An agreement whereby the seller transfers or agrees to transfer the property in goods for a monetary consideration is a
Answer Details
An agreement whereby the seller transfers or agrees to transfer the property in goods for a monetary consideration is called a "contract of sale". In simpler terms, a contract of sale is an agreement between a buyer and a seller, where the seller agrees to sell and transfer the ownership of certain goods to the buyer in exchange for a specified amount of money. It is the most common type of contract used in the sale of goods and is governed by the Sale of Goods Act.
Read lesson note on Purchase And Sale Of Goods (JAMB)
Read lesson note on Commerce (JAMB)
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