GCE Commerce 2023 Objective — Question 39

Question 39 of 50 from the General Certificate of Education (GCE) Commerce 2023 Objective paper, with the correct answer and a full explanation.

Consideration in a contract of sale refers to (a) the item exchanged for value between the parties, such as the price for goods (b) the buyer's signature (c) the date of the contract (d) the location where the contract was signed

A. the item exchanged for value between the parties, such as the price for goodsCorrect
B. the buyer's signature
C. the date of the contract
D. the location where the contract was signed

Explanation

Consideration is something of value exchanged between the parties to a contract; in a contract of sale, the price is the buyer's consideration and the goods are the seller's.

Sign up free to unlock

Score tracking
Practice history
Saved questions
Progress dashboard
Personalized sessions
Weak-topic breakdown

…and/or go further with premium services and No Ads.

Create free account

More questions from Commerce 2023 Objective More Commerce past papers