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Lecture 10

Bus 393 - Lecture 10

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Simon Fraser University
Business Administration
BUS 393
Colin Hawes

BUS 393 November 19, 2010 Lecture 11 Sales and Consumer Law Colin Hawes Sales of Goods  Sales of Goods Act: Basically states that any missing information between the selling, the court will (568) imply on behalf  Only affects tangible items, excluding land  Goods must be transferred  Must have transferred some money in the transaction  Agreement to Sell: When title does not transfer immediately after the conclusion of a sale  Important to determine who has title of goods because they are responsible for the damages to the goods, unless party agreed otherwise  C.I.F. Contracts: One party has agreed to the cost, insurance and freight of the product, does not matter when title transfers because they are still responsible  F.O.B. Contracts: Seller will bear risk until a specified point in the transport process, then it is the buyer’s responsibility  C.O.D. Contracts: Seller is to maintain title and risks until the good is delivered to the buyer and paid on premises  Bill of Lading: A document given by the transporter of goods to shipper as a receipt, seller maintains control and risk of the goods because they can name itself as the receiving party of the good Transfer of Title  Rules to Determine Title (571) 1. Unconditional Contract: Title transfers immediately, once offer is accepted, buyer accepts all risks 2. Seller is Required to Do Something: Title does not transfer until seller has done what is asked of and notice is given 3. Seller Required to Ascertain Price: Title transferred when purchaser notified 4. Goods Delivered Subject to Buyer’s Approval: Title passes when approval by acceptance is signified or a reasonable time has passed 5. When Goods are not Manufactured or Identifiable as Goods in Question: Title passes upon unconditional appropriation and assent Rights and  Acceptance causes victims of breach to lose right of discharge Obligations (574)  Quiet Possession: A condition that the seller, or anyone claiming through the seller will not interfere with the buyer’s use and enjoyment of the property  Lien: A claim registered against property, such as a mortgage, gives the creditor the right to retain what is in his possession until his demands for payment are satisfied  Goods must match description and picture  Merchantable Quality: Goods must be free of any defect that would have persuaded the buyer not to buy the good  Goods must be suitable for purpose of purchase when sales person relied upon  Goods leased or sold must be durable for a reasonable period of time  Where price is omitted, a reasonable price will be implied Remedies on Default (579)  Seller’s Remedies  Seller’s Lien: Seller has right to goods if buyer defaults, until buyer pays  Stoppage in Transit: Seller’s right to stop the shipment during transit in event of default  Bankruptcy and Insolvency Act allows a seller of goods to recover goods within 30 days of delivery if buyer is bankrupt, seller has priority over the bankrupt’s other creditors  Seller can sue for price in cases of default or refusal of delivery once title has passed  Buyer’s Remedies  Buyer’s remedies are those of contract law Consumer Protection  Consumer Transactions: Goods or services purchased by individuals for personal use and not for [Federal] (581) business purposes or resale  Competition Act: Canadians can benefit from product choice, competitive p
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