GMGT 2060 Lecture Notes - Lecture 45: Caveat Emptor

• School: University of Manitoba
• Department: General Management
• Course: GMGT 2060
• Professor: Alok Dua

Document Summary

1246: the sale of goods act is in many ways a limitation on caveat emptor. In fact, it is not, the so- called exceptions are consistent with the doctrine, because they refer to certain situations where the purchaser can"t investigate what they are receiving or they are relying on the seller for information. Caveat emptor applies to the qualities of goods: application: it applies to the sale of goods - two types of property: real property (land) and personal property (chattels - goods or choses in action contractual rights). Goods are considered to be all chattels personal, other than things in action and money: it does not apply to the sale of services. If both, must determine if it is a sale of material and labour: another requirement is that the contract needs to be in writing if it deals with goods in excess of.