Management and Organizational Studies 2275A/B Lecture Notes - Lecture 9: Cash Flow, Security Interest, Secured Creditor

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

The sale of goods act applies to every sale of goods. Not to services, intangibles, real property, gifts, leases, or licenses: can be hard to distinguish goods and services. Buy painting at flea market = good. Eg: take car in and trade it = act doesn"t apply, no sale, no money exchange. 1893 sga: codified them, the sale of good acts, does the act apply to a transaction is the question, applies to every transaction for the sale of goods. Concepts; is it a sale, is it a good. A sale: involves transfer of ownership or title from seller to buyer for money. Needs to fit both of these descriptions. The sale of goods act: implies terms into sales contracts (conditions and warranties) First thing act does, implies terms into contract: helps determine when title passes from seller to buyer, second thing i does, provides remedies for breaches.