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Lecture 8

ACTG 2P40 Lecture 8: Lecture 8

5 Pages
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Department
Accounting
Course Code
ACTG 2P40
Professor
Katharine Book

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Description
March 10, 2014 ACTG 2P40 Chapter 14 Sale of Goods 1.Application of the Sale of Goods Act a.Meaning of Sale : transfer of title for money not including lease or consignment Title v. possession: Title = ownership Possession = physical control oJust because its not in the owners possession doesnt mean they dont own it oNot a consignment Only tending to hover sales of goods where there is no contract To protect consumer, consumer protection legislation There are terms that automatically apply to the sales of goods to protect the consumer When will it apply? when there is a sale, and a good b.Meaning of Goods: tangible items not including real property, money or chose in action Must distinguish goods from services Physical things Chose in action giving up a legal right 1.No written contract 2.Its a sale 3.It has to be a tangible item 2.Statutory Protection for the Buyer: Implied Terms a.The Caveat Emptor Principle (Buyer Beware) Have to do your due diligence otherwise it cant be implied
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