MCS 3040 Study Guide - Midterm Guide: Lululemon Athletica, Telemarketing, Cheque

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joseph Radocchia

Document Summary

Terms are either: conditions: important or essential to the purpose of the contract (rejects the goods, terminates the contract, sue for damages, or both, warranties: minor term that is not classified as a condition under sales of goods legislation (sue for damages or ask the court to reduce the purchase price aka cannot terminate contract, reject goods) Delivery of goods: bill of lading: shipping document that serves as a contract between the seller and the carrier, stoppage in transit: the right of a seller to demand that goods be returned by a shipper to the seller, provided the buyer is insolvent (cannot pay debts, c. i. f. (cost, insurance, freight): seller is responsible for arranging the insurance & shipping, f. o. b. (free on board): buyer specifies he type of transportation to be used and seller arranges and delivers the goods to that shipper, c. o. d. (cash on delivery): purchaser is obliged to pay for the goods on delivery.