The correct answer is: Both A and B.
Ascertained goods are goods that are specifically identified and agreed upon by the parties to a contract. Generic goods are goods that are not specifically identified, but are described in general terms.
For example, if you buy a car from a dealer, the car you are buying is an ascertained good. The dealer has identified the specific car that you are buying, and you have agreed to buy that car.
If you buy a car from a classified ad, the car you are buying is a generic good. The ad may describe the car in general terms, such as the make, model, and year of the car, but it does not specifically identify the car that you are buying.
In both cases, the goods are existing goods. Existing goods are goods that are already in existence at the time of the contract.
Here is a brief explanation of each option:
- A. Ascertained goods are goods that are specifically identified and agreed upon by the parties to a contract. For example, if you buy a car from a dealer, the car you are buying is an ascertained good. The dealer has identified the specific car that you are buying, and you have agreed to buy that car.
- B. Generic goods are goods that are not specifically identified, but are described in general terms. For example, if you buy a car from a classified ad, the car you are buying is a generic good. The ad may describe the car in general terms, such as the make, model, and year of the car, but it does not specifically identify the car that you are buying.
- C. Both A and B. As explained above, both ascertained goods and generic goods are existing goods.
- D. Neither A neither B. This option is incorrect because both ascertained goods and generic goods are existing goods.