BUSI 5000 Lecture Notes - Lecture 5: Caveat Emptor, Personal Property

• School: Memorial University
• Department: Business Administration
• Course: BUSI 5000
• Professor: Andrew Wadden

Document Summary

Objectives of this area of the law are: protect parties to the contract, particularly buyers, protect customers from harm and unfair practices, promote a fair and competitive marketplace. Contact of sales: legal foundation for every sale of goods transaction, foundation of common law concerning sale of goods, caveat emptor, let the buyer beware , caused unfair results, causing principles to be further developed, then became statutes. Sale of goods: personal property in its tangible, portable form, as well as items attached to land that can be severed. Goods: personal property, and items attached to land that can be severed. Does not apply to: provision of services or sale of land. Contract between a homeowner and an artist for a large custom painting. The painting began to deteriorate/crack after a few years. Test is whether the contract is primarily one for goods, or services.