The term ________ refers to a type of sale in which there is no actual sale unless and until the buyer accepts the goods.

Question

Quizplus · Accepted Answer

Sale on approval refers to a type of sale wherein the goods are not sold until the buyer accepts them. The buyer has the right to return the goods if they do not meet their needs or expectations. This type of sale is different from consignment, wherein the seller retains ownership of the goods until they are sold, and sale or return contracts, wherein the buyer agrees to purchase the goods but has the right to return them. Option contracts, on the other hand, give the buyer the right but not the obligation to purchase the goods at a predetermined price within a specified period.

The Term ________ Refers to a Type of Sale in Which