MOS 2275 Ch 23 Lecture.docx

3 Pages
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Department
Management and Organizational Studies
Course Code
Management and Organizational Studies 2275A/B
Professor
Philip King

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Ch. 23 Lecture Notes  Consumers make choices where they do not have access to the information they need in order to make rational buying decisions. o Sometimes this is because the suppliers are misinforming them. o i.e. vitamin water, a product that is deceptive. No real health benefit. But there is a perceived view on it. They are relying the consumer’s lack of perceived information to make the decision to buy it.  Misinformation – the lack of information for consumers to make the right decision.  Monopoly = no choices for consumer to make  Location of consumer also important because of the number of available choices.  When products are dangerous or not good for safety, consumers are not willing to prolong the choice overtime to buy it. o Government regulates this to some extent o The goal of government is to achieve gdp, tax revenue, etc. (healthy economy), basically to promote trade and commerce. o There needs to be a certain amount of “protection” to excite consumers to enter the economy and buy the product. The protection ensures the product is ok. o The objective is to find a balance between the free market and protection of buyers and consumers so that they are active and enthusiastic purchasers for the economy. SALES OF GOODS ACT  Very out of date.  Applies to the sale of goods.  There has to be the transfer of money involved, and there has to be the transfer of ownership  The act applies to the very good itself. The physical product. o i.e. GTA5 the disc, but not the computer software. You have a right to use it.  SGA does not involve services  i.e. A is in contract with B. B sells eggs and does many services. They go to court and court says the bottom line is a goods contract, not services contract. Cuz of the bacon and eggs.  i.e. contract for services is for a specific skills, even if there was a sale of good (paintings)  SGA helps us identify when good transfers from seller to buyer. o When? Why do we care?  Risk comes with title  i.e. risk of loss, fires, etc. o So both parties can manage risk appropriately.  The intention of parties can help us identify when the title transfers.  If not, then there are rules 1-5. o You consider the rules only if and when the intention of title transfers between parties cannot be determined o i.e. someone buys a canoe for $1000. Ted pays for the canoe, but comes back tomorrow to take it. Middle of the night, it gets stolen. Who loses the canoe? o (write rules
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