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Business law Test 3 Notes (got 93% on the test)

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Louisiana State University
Business Law
BLAW 3202

Chapter 7 SalesSale most common method of transferring ownership of an item from one person to anotherDefinition and FormoSales contract is a contract where ownership of a thing is transferred to another for a price in moneyAll that is needed to transfer ownership of a moveable is object and priceCan be verbal or writtenoSales of immovables land must be in writingThe sale is also not effective until its recorded at the clerk of courts office in the propertys parishThird parties rely on the clerk of courts records public records doctrineSales vs other contracts oPrice v Huey Childs Builder Price bought a new home from the builder ChildsChilds built the house as a spec homeThey agreed that further repairs would doneThe house was built on soil that caused damageCourts decided that the contract was a building contract not a sales contractThe remedy to Price was costs of rectifying all defects omissions and deficienciesNot redhibitionoIf the object of a sale has defects then the buyer has the remedy of rescission of the sale and a return of the purchase priceFor construction contracts the remedy would be the cost to repair the defectsSince the remedies are different its important to distinguish which contract it isoCriteria to determine if the contract is a sale or constructionIn a contract to build the buyer has control over the specsThe negotiations in a contract to build take place before the object is constructedA building contract contemplates not only that one party will supply the materials but also that party will furnish his skill and labor in order to build the desired objectObject of the saleoObject of sale may be anything that is susceptible of ownership and includes corporeals incorporeals and even a hope or future thingoIf a dentist makes a set of false teeth it would be considered a medical service not a sale
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