Vera owns a small shop selling stationeries in Ma On Shan. She wants to retire. She placed anotice in front of her shop which reads: “Shop for sale, HK$3,000,000 for the shop premise andHK$25,000 for all the stationeries in the shop. Can be purchased separately."Iris saw the notice in front of the shop. She has a stationeries shop in Shatin and wanted to buy allthe stationeries in Vera's shop. She approached Vera and gave her two cheques of HK$3 millionand HKS25,000 informing her that she intended to buy the shop and all stationeries. They agreedto sign two separate contracts for the two sale transactions.Explain to Iris whether the two contracts are governed by the Sale of Goods Ordinance.

Yes, the two contracts will be governed by the sale of goods ordinance.

Answered: op. She has a stationeries shop in…

op. She has a stationeries shop in Shatin and wante approached Vera and gave her two cheques of HI he intended to buy the shop and all stationeries. = two sale transactions. of Good

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Vera owns a small shop selling stationeries in Ma On Shan. She wants to retire. She placed a
notice in front of her shop which reads: “Shop for sale, HK$3,000,000 for the shop premise and
HK$25,000 for all the stationeries in the shop. Can be purchased separately."
Iris saw the notice in front of the shop. She has a stationeries shop in Shatin and wanted to buy all
the stationeries in Vera's shop. She approached Vera and gave her two cheques of HK$3 million
and HKS25,000 informing her that she intended to buy the shop and all stationeries. They agreed
to sign two separate contracts for the two sale transactions.
Explain to Iris whether the two contracts are governed by the Sale of Goods Ordinance.

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