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Lecture

day 8


Department
Accounting
Course Code
ACTG 2P40
Professor
Books

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Sale of Goods
b. terms implied in every contract to which the sale of goods act applies
1. Seller has the title to the goods and right to sell the goods
2. The goods correspond with the seller’s description
3. Sale by sample
4. Suitability and quality of goods ** exams!
(Implied term as to fitness)
3. Other rules which apply to contracts for the sale of goods
a. Payment
1. Assumed to be in cash
2. Time for payment is a warranty
b. Quantity
1. Condition
2. Will have to show it’s a significant breach
c. Time for delivery
1. Condition
2. Will have to show it’s a significant breach
4. Passage of Title to the Goods **exam- short answer!
a. Four rules for passing of title to specific goods
Important to know who owns it when
1. In an unconditional sale for a contract for specified goods in a
deliverable state, title passes when the contract is made
2. In a contract for sale of specified gods where the seller must take
steps to put the goods into a deliverable state, title doesn’t pass
until this is done and the buyer is notified
3. Where the seller must take steps to determine price, title passes
when this is done and the buyer is notified
4. When goods are delivered to the buyer on approval, title passes
when the buyer signifies acceptance of retains good without
rejection and the time for return of the goods has expired (fixed or
reasonable)
b. Rule for passing of title to unascertained goods
1. In a sale of unascertained or future goods by description, title passes
when goods of that description in a deliverable state are
unconditionally appropriated to the contract
5. Remedies of the seller
a. Seller’s lien
b. Stoppage in transit
c. Damages
d. Retention of deposit
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