Different kinds of contracts

Assignment Help Accounting Basics

Reference no: EM13969573

For each of the examples given below identify:

(a) the different kinds of contracts described; and

(b) any statutory provisions which apply to them.

(i) Fixit Ltd agrees to install gas central heating in Jim Frost's bungalow for a price of £1,200. £400 is to be paid in advance, with the balance due on completion of the work.

(ii) Kylie buys a new Jaguar X-type from Smiths Motors by trading in her Y-reg Ka, topped up by £20,000 in cash.

(iii) Kelly, Murphy & Co, Solicitors, enter into a two-year agreement with Copytech Ltd for the use of a photocopier. Copytech Ltd agrees to keep the equipment 'in good repair'.

(iv) Newtown Industrials plc employs Lorna Doone as a Sales Representative for the south-western region.

(v) Bill Archer orders 500 kg of fertiliser for use on his farm from Greener Fields Ltd. Payment is to be made within one month of delivery.

(vi) Kate buys a bottle of lemonade from her corner shop for 60p, plus 5p on the bottle.

(vii) Jack and Jill, up and coming young fashion designers, buy shop premises in Bath, with the aid of a loan secured on the property from their bank, West Country Bank plc.

Reference no: EM13969573

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