Question

Buyer Jim put down a deposit in the form of a boat title worth $5,000. The boat is owned by Jim's parents. The transaction was not completed, who should the boat title be returned to

Answer 1

The transaction was not completed,the boat title be returned to Jim

What is transaction ?

A financial transaction is a contract or communication between a buyer and seller to exchange goods, services, or assets in exchange for money. Any transaction involves a shift in the financial status of two or more businesses or individuals.

The total value of all transactions is divided by the number of transactions or sales to calculate the average transaction value. This can be calculated daily, monthly, or annually. As an example, sales of $200,000 for the year could be generated by ten sales or transactions.

The transaction date is the date on which any financial transaction takes place. The date when ownership changes in any financial transaction occurs on the transaction date.

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