he buyer and seller. Also, the 1000 bags will be delivered in installments within the same time period. Based on the above scenario, what are the rights and duties of both seller and buyer? Also describe the remedy that should be available to one party in case of breach of contract by another party (write both for buyer and seller)

he buyer and seller. Also, the 1000 bags will be delivered in installments within the same time period. Based on the above scenario, what are the rights and duties of both seller and buyer? Also describe the remedy that should be available to one party in case of breach of contract by another party (write both for buyer and seller)

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 16DQ

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Question

Mr. A buys 1000 bag of sugar from Mr. B at a price of 5 thousand per bag. Half of the money was paid in cash and another half will be paid after the whole goods are delivered to buyer. Both parties also agree that goods will be delivered by the seller to buyer’ Godown within one month. It was also mentioned in the agreement that cost of delivery will be equally divided between the buyer and seller. Also, the 1000 bags will be delivered in installments within the same time period.

Based on the above scenario, what are the rights and duties of both seller and buyer? Also describe the remedy
that should be available to one party in case of breach of contract by another party (write both for buyer and
seller)

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