ENVS201 Lecture 9: ENVS 201-Week 9.docx
6 Dec 2014
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Land transactions: buyer beware- made to protect private rights, freedom of contract: preserve this, transactions should have as few obstacles as possible that"s why it"s not seller obligation, latent defect: hard to discover defect. Antorsia (read: gas station sale sale arose because, sunoco got sold and there were too many gas stations, and government told them they had to sell some of there gas stations concerns of competition. Made sure buyer understood what they were buying to try and cover liability. Acknowledgement of the chance there could be leaking by buyer, they made them sign understanding. Buyer can satisfy themselves and all right to inspect the land before, buyer assumed the risk in contract (they added that in). Furthermore if the ministry come after them, they would have to indemnify. If you"re a company you probably want a share deal. Contractual allocation of risk: how to cover yourself as much as possible.
