ACTG 2P40 Study Guide - Barter, Repossession, Deliverable
Document Summary
Sales of goods: application of the sales of goods act. The sales of good is governed by act made by law. The sales of good act applies that a contract whereby the seller transfers or agrees to transfer the property in the goods to the buyer for a money consideration, called the price : meaning of sale. Where the person transfers transfers by both the legal title and physical possession of the good. Does not apply to exchange of goods (barter) Does not apply to leases ( no legal title transferred ) Does not apply to non-contractual transfers of land. Legal title and physical possession must happen: meaning of goods. Defining goods all chattels personal other than things in action and money. All chattels personal personal property ( not real estate , must be personal property ) Things in action meaning does not apply to intangible goods like trademarks, patents or logos.
