Odd Business Question: Please Help!!!?

I am asked to discuss the following:” Sale of goods transaction are incomplete without the use of cheques, credit cards, vouchers and other payment devices”. Note, the concept is to discuss that a transaction is incomplete without a means of payment. That seems obvious to me but the question is cryptic, logical and I can’t find anything to say.

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One Response to “Odd Business Question: Please Help!!!?”

  1. J.J. says:

    Just expand a bit on what you have said!
    For a transaction to have taken place the law states that both parties to the transaction must have received “value”. The purchaser has received the goods and his/her “value” is the benefit that is derived from the possession of the goods. The seller’s “value” is the payment. Unless the seller receives payment then he has not received “value” and a transaction has not taken place. Payment, can be in many forms, and doesn’t necessarily have to be monetary, “payment in kind” would also suffice. However, unless the seller receives “value” in some shape or form there has been no transaction completed.

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