ACTG 2P40 Chapter Notes - Chapter 14: Personal Property, Implied Warranty, The Seller
19 Apr 2013
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Document Summary
In the 1700s there were lots of disputes dealing with sale of goods so the british parliament simplified the rules by passing a statute called the sales of goods act, canadian provinces soon followed with similar acts. The sga did not try to change the law, it more accurately detailed the law. Codified: existing common law rules passed in statute form. The sga does apply to consumers but most provinces have other legislation addressing the specific needs of the consumer. Sale: a contract whereby the seller agrees to transfer property or goods to the buyer for a money consideration, called a price. It states that money must change hands, the statute will not deal with barters. Agreement to sell: the transfer is deferred until a future, either a specific date or until a specific requirement is met. Consignment: transfer of possession of goods from one business to another for the purpose of offering a sale.
