ACCT 324 Lecture 12: 9/17 Chapter 18-21
Document Summary
Main purpose doctrine- if the sole purpose of the second person involved is for the second person"s benefit, it doesn"t have to be in writing. Intended beneficiaries can sue to enforce the contract. Creditor beneficiary is also an intended beneficiary- someone one of the parties owes a debt to. Good title- when you buy something from someone who owns it outright. Void title- results when someone acquires possession of stolen goods. Buyer committed criminal fraud in securing goods. Buyer and seller agreed title would not transfer until later time. Goal of contract remedies: fulfill expectations and intentions of parties to agreement; give them benefit of the bargain" negotiated. **just need to know the laws, you don"t need to know the ucc sections** Implied warranty of merchantability- warranty based on reasonable expectation of product performance. Ex: is it of fair quality, meeting the same quality of other similar goods in the market.
