To transfer ownership of goods from the seller to the buyer

To establish a legal relationship between the seller and the buyer

To set the price of the goods being sold

To document the terms of the sale

A sale involves the exchange of money for goods, while a barter involves the exchange of goods for goods

A sale is a one-time transaction, while a barter is an ongoing relationship

A sale is governed by contract law, while a barter is governed by property law

A sale is taxable, while a barter is not

Agreement, consideration, capacity, and legality

Offer, acceptance, and consideration

Subject matter, price, and delivery terms

All of the above

An express warranty is made orally, while an implied warranty is made in writing

An express warranty is created by the seller, while an implied warranty is created by law

An express warranty is specific to the goods being sold, while an implied warranty is general

An express warranty is enforceable for a longer period of time than an implied warranty

Damages

Specific performance

Rescission

All of the above

A warranty is a promise that the goods will meet certain standards, while a guarantee is a promise that the goods will perform as expected

A warranty is made by the seller, while a guarantee is made by the manufacturer

A warranty is enforceable for a longer period of time than a guarantee

None of the above

The buyer is responsible for inspecting the goods before purchasing them

The seller is responsible for disclosing any defects in the goods to the buyer

The buyer has a right to return the goods if they are not as described

All of the above

In a sale on approval, the buyer has the right to return the goods if they are not satisfied, while in a sale or return, the buyer is obligated to purchase the goods

In a sale on approval, the buyer has a longer period of time to inspect the goods than in a sale or return

In a sale on approval, the seller retains ownership of the goods until the buyer accepts them, while in a sale or return, ownership of the goods passes to the buyer immediately

All of the above

In a secured transaction, the lender has a security interest in the collateral, while in an unsecured transaction, the lender does not have a security interest in the collateral

In a secured transaction, the borrower is personally liable for the debt, while in an unsecured transaction, the borrower is not personally liable for the debt

In a secured transaction, the lender has the right to repossess the collateral if the borrower defaults on the loan, while in an unsecured transaction, the lender does not have the right to repossess the collateral

All of the above

In a bailment, the owner of the goods transfers possession of the goods to another person for a specific purpose, while in a sale, the owner of the goods transfers ownership of the goods to another person

In a bailment, the bailee is responsible for the care and custody of the goods, while in a sale, the buyer is responsible for the care and custody of the goods

In a bailment, the bailor retains ownership of the goods, while in a sale, the buyer acquires ownership of the goods

All of the above

In a consignment, the owner of the goods transfers possession of the goods to another person for the purpose of sale, while in a sale, the owner of the goods transfers ownership of the goods to another person

In a consignment, the consignee is responsible for the care and custody of the goods, while in a sale, the buyer is responsible for the care and custody of the goods

In a consignment, the consignor retains ownership of the goods until they are sold, while in a sale, the buyer acquires ownership of the goods immediately

All of the above

A warranty is a promise that the goods will meet certain standards, while a condition is a promise that the goods will perform as expected

A warranty is made by the seller, while a condition is made by the buyer

A warranty is enforceable for a longer period of time than a condition

None of the above

In a sale, the buyer acquires ownership of the goods, while in a lease, the lessee acquires possession of the goods for a specific period of time

In a sale, the buyer is responsible for the care and custody of the goods, while in a lease, the lessee is responsible for the care and custody of the goods

In a sale, the seller retains ownership of the goods, while in a lease, the lessor retains ownership of the goods

All of the above

In a gift, the donor transfers ownership of the goods to the donee without receiving anything in return, while in a sale, the seller transfers ownership of the goods to the buyer in exchange for money or other consideration

In a gift, the donor has no obligation to disclose any defects in the goods to the donee, while in a sale, the seller has an obligation to disclose any defects in the goods to the buyer

In a gift, the donee has no right to return the goods if they are not as described, while in a sale, the buyer has the right to return the goods if they are not as described

All of the above