Q2

Choose the INCORRECT answer. (2.5)

1.1 The four essential elements of Sale are: A. Delivery B. An Agreement C. Place of purchase D. Price

1.2 Ownership, in a contract of sale, passes from a Seller to Buyer once: A. The price has been determined. B. Payment is completed. C. The agreement has been signed. D. Delivery has taken place.

1.3 Risk, in a contract of sale, passes once: A. Payment is completed. B. The sale is said to be perfecta (concluded). C. The price has been paid. D. Delivery has taken place.

1.4 Joyce wishes to purchase a property. She signs a Purchase and Sale agreement that includes a clause stating the sale of the property is subject to Joyce being granted a loan by her bank. This clause is an example of a: (2.5) A. Resolutive condition. B. Restrictive clause. C. Suspensive condition. D. Limitation condition.

1.5 Viktor sells his stereo system to Reid. Their sale agreement includes a clause stating that Reid is to pay Viktor by the end of the month and should he fail to make the payment Viktor can take the stereo system back. This clause is an example of a: (2.5) A. Resolutive condition. B. Restrictive clause. C. Suspensive condition. D. Limitation condition.