How is "sales" defined in the CISG?
What will be an ideal response?
The CISG does not directly define sales. Instead, it speaks of the seller's and buyer's obligations. The seller is to "deliver the goods, hand over any documents relating to them and transfer the property in the goods, as required by the contract and this Convention"; the buyer, in exchange, is to "pay the price." Although not stated in a single article, this is the same definition found in many domestic laws, including the U.S. Uniform Commercial Code, which describes a sale as the "passing of title from the seller to the buyer for a price."
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Which of the following best describes the appropriation of retained earnings?
A) restricting part of retained earnings for expansion or contingencies B) setting cash aside for expansion C) designating certain amounts of retained earnings for cash dividends that are required to be paid to shareholders D) limiting company transactions in order to boost earnings
Which of the following appears on a statement of cash flows prepared using the direct method?
A) adjustments to net income B) cash payments for salaries C) adjustments for gains and losses on sale of property D) increase/decrease in current assets