Management and Organizational Studies 2275A/B Lecture Notes - Official Receiver, Financial Statement, Contingent Liability
12 Mar 2013
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Document Summary
Every common law province has adopted it. Purpose: to imply the terms that the parties to the sale of goods often leave out. Eg. may fail to specify time of delivery of date- these missing terms will be implied by the act. Intangibles or services- bonds, stocks are not covered by the act. Not just limited to retail applies to all goods bought/sold (buildings) All other contract rules are to be complied with (consideration, breach etc. ) Services court may imply terms: example: b commissioned a large painting from hooper, the artist. Warranty: goods must be fit for the intended purpose (bad food at restaurant= unfit) and if skill of seller is relied on, the goods supplied must be fit for the purpose for which they were purchased. Goods must be transferred and involve money. Some provinces require evidence in writing for goods sold over specified amount and part performance.
