MGSC30H3 Chapter Notes -Specific Performance, Liquidated Damages, Repossession
Document Summary
Sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a money consideration called the price. The act applies only to: sale, goods occurs if the buyer obtains ownership of the goods as soon as the contract is created. Agreement to sell occurs if the buyer does not obtain ownership of the goods until sometime after the contract is created are tangible (physical) things that can be moved (ie: cars, crops). It does not include land, things that have already been attached to land (ie: fences, houses), or anything not tangible (ie: trademarks, shares) goods (ie: car for boat: evidenced in writing. It only applies in some jurisdiction and only if price is over a specific amount. Also, lack of writing does not mean that a contract is invalid, but that court will not enforce it.
