Basically, the rule of sales contract recognizes that sales is done when the product is negotiated on and <u>paid for</u>, and thus, the the buyer can cancel prior to that.
In the contract on sales, a sale formally becomes a sale when a party gives something to another in exchange for money.
- The consideration (Premium/Sales cost) is the main factor that makes a sales contract valid and legal.
Hence, the rule of sales contract recognizes that sales is done when the product is negotiated on and <u>paid for</u>, and thus, the the buyer can cancel prior to that.
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Answer:
$100,000
Explanation:
The computation of gross profit is shown below:-
Gross profit = (Sales revenue - Sales return - Sales discount) - Cost of goods sold
= ($350,000 - $50,000 - $20,000) - $180,000
= $280,000 - $180,000
= $100,000
Therefore we simply applied the above formula for determining the gross profit
Answer:
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It means that a person has died without a will.
