L4M3 Exam Dumps : Commercial Contracting

A false statement that induces a party to enter a contract constitutes misrepresentation. This provides the misled party with remedies that may include rescission (cancellation of the contract) and, depending on the type of misrepresentation (fraudulent, negligent), possibly damages as well.

The battle of the forms occurs when:

Both buyer and supplier exchange documents (RFQ, PO, acknowledgements) containing their own standard terms and conditions,

Each party is trying to ensure their own terms govern the contract.

It is literally a battle to secure their own terms and conditions (A).

Hire purchase is an arrangement for buying expensive consumer goods, where the buyer makes an initial down payment and pays the balance plus interest in installments. Ownership is not transferred until the end of the agreement, hire purchase plans offer more protection to the vendor than other sales or leasing methods for unsecured items. That's because the items can be repossessed more easily should the buyer be unable to keep up with the repayments.

The answer is 'When the final instalment is paid'.