BUSA 364 Lecture 4: contract of sale and the consumer protection act
3 Apr 2016
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Document Summary
Contract of sale & the consumer protection act. Sale is a contract by which one party (the seller) transfers ownership of property to another party (the buyer) for a price that the buyer obligates himself to pay. A promise to buy or sell something is itself a valid and binding agreement. Delivery does not necessarily mean the seller has to physically deliver goods sold to the buyer. The seller can also fulfil this obligation by allowing access to the goods so that the buyer can arrange to have it picked up. Delivery must be effected within a reasonable time. Costs of delivery to be borne by seller but costs of removal are borne by buyer. For delivery to occur, both quantity and form must be agreed. If not, seller would be obliged to refund the purchase price. Sale of someone else"s property to a third party is valid if: The buyer becomes owner by prescription (statute of limitations)
