Management and Organizational Studies 2275A/B Lecture Notes - Lecture 10: Financial Statement, Income Statement, Rigging

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

The sale of goods act applies to every sale of goods (transactions) Buyer beware : in previous years, it was presumed that buyers could look out for themselves. If they think they will be scammed, then walk away: now, it is unfair to put all responsibility on the buyer, you need a balance (of responsibility) on both buyers and sellers. Since the sale of goods act only applies to a sale of goods, it does not apply to services, intangibles (e. g. software), real property, gifts, leases or licenses. Example: a woman has requested for a painting (in which the colour will match her furniture). Over a period of time, her painting wears and tears. The painter refuses because he thinks it is not under the sale of goods act. When they brought it to court, they said this was primarily a service not a good and therefore isn"t protected under the sale of goods act.