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BUSA 391 (11)
Lecture 11

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Business Admin
BUSA 391
Leslie Beck

Lecture 10  Vince and Peter cannot get together and create a contract in which Elizabeth had to pay 40$. She is not part of the contract so it is not valid  Joe buys a car in a contract from a dealership, and it costs him $32000 o They want to collect the money from the finance company, the finance company is not in any relation with Joe o They would give creditor a discount (also signor) so $27000  Two kinds of assignments, statutory= all the rights are passed to the signee, straight transaction  If the car costs 32000, Joe put down payment of 2000, what is passed on is everything that is to be paid (30000)=statutory assignment  If only part is passed down, 10000= equitable assignment o If there is a problem between the signee and signor(Joe and finance company), the dealership would also be involved o At this point, dealership or finance company have to tell Joe about assignment contract o the finance company sends notice, before he makes his first payment, because if they don’t, they cannot get the first payment, they have to get it from the dealership  the notice is:  copy of contract a which shows that they ?  copy of contract b what they will pay  contract of pay ups  If notice is late to come to Joe, and Joe already made payment, then finance company as to deal with dealership for payment or portion they are entitled to  Assignment operates in spite of the rule of consideration and pivoty of contract  Fundamental breach of contract=failure to perform of the car, he would rather just pay rent for the length of time he had it for, return the car and get rest of his money back  If you gave notice before assignment given, you get straight transaction, the same amount  Vicarious o You sign a contract with lets say the employer but the employees perform the contract o The problem comes if they didn’t do task drtbivr properly, you can’t sue employees or liable of negligence, sue the company BREAK-------------  If you lease equipment and you bring it back damaged, the rental party should usually have to compensate, even if its not in contract because it is the normal thing you would expect  Statutes that impose if your contract is silent on issue  Sale of goods act applies if you have not put anything into your contact  If you contact is consumer contact when people buy either for their own use, family or gift, not a business sale, then consumer protection act will come in and may intervene in the contract o Terms tat will be implied in unless you have something different in your contract  Sale of goods comprise when there is a sale, money, not where money is paid for services or tangibles, simply goods  In a sale of goods, you have to know when good belongs to who, stops being a seller and starts being liable under the buyer  Unconditional contract, on a sale of specific goods, in a deliverable state, property in the goods passes to the buyer, buyer becomes owner, when contract is made, payment, deliveries, etc. Are postponed o If you use visa card for payment, you must wait a period of time (usually the case)  Condition is a term that is very important in the contract  Warranty is the term of the contract with terms and information about deal  Only rights you have for warranty are
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