BUS 393 Chapter Notes - Chapter 5: Unemployment Benefits, Unfair Preference, Personal Property
11 May 2016
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The sale of goods act applies to all contracts where goods are sold, whether they involve consumer or business transactions: the sale of goods act (page 126) The primary purpose of the sale of goods acts in place in all common law provinces is to supply missing terms that parties didn"t think to include in their contract of sale. For the act to apply, goods must be transferred/sold. Both title and possession of the goods themselves must be transferred. Only when a credit transaction (debtor/creditor) involves a conditional sale will the sale of goods. Title is transferred to a creditor as security for a loan but the debtor retains possession unless there is a default. Conditional sale: the creditor is also the seller, and both possession and the title to the goods are eventually transferred to the purchaser. The act applies to goods only not services or land.
