What is the term for the transfer of title to goods for a price?

What is the term for the transfer of title to goods for a price?

• A. Lease
• B. Sale
• C. Rental Agreement
• D. Gift

Answer: (B)

The term for the transfer of title to goods for a price is a sale. This concept is fundamental in commerce and involves the exchange of ownership of goods between a seller and a buyer in return for money or some other financial benefit. In a sale, the seller offers their property to a buyer who agrees to pay the established price, resulting in the transfer of ownership rights. In contrast, a lease involves the temporary transfer of the use of property while retaining ownership; a rental agreement also pertains to the temporary use of property without transferring title; and a gift involves the voluntary transfer of ownership without requiring payment or compensation. Therefore, the specific definition of a sale applies exclusively to transactions that involve an exchange for a price, clearly distinguishing it from these other concepts.

The term for the transfer of title to goods for a price is a sale. This concept is fundamental in commerce and involves the exchange of ownership of goods between a seller and a buyer in return for money or some other financial benefit. In a sale, the seller offers their property to a buyer who agrees to pay the established price, resulting in the transfer of ownership rights.

In contrast, a lease involves the temporary transfer of the use of property while retaining ownership; a rental agreement also pertains to the temporary use of property without transferring title; and a gift involves the voluntary transfer of ownership without requiring payment or compensation. Therefore, the specific definition of a sale applies exclusively to transactions that involve an exchange for a price, clearly distinguishing it from these other concepts.