Management and Organizational Studies 2275A/B Chapter Notes - Chapter 23: Caveat Emptor, Implied Warranty, The Purchase Price

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

The fundamental laws affecting the sale of goods is contract and tort law. If businesses sell their products internationally, the business may be subject to the laws of other countries. Consists of: the terms of the contract relating to the sale, the transfer of ownership of the goods to the buyer, the terms relating to payment and delivery, the remedies for a breach of the contract. In the beginning of 1800s, in response to the harshness of caveat emptor, judged developed common law rules that implied specific terms into contracts for the sale of goods. Rules then evolved regarding the transfer of ownership from seller to buyer. In 1893, the english parliament enacted the sale of goods act: reformed common law, this was the foundation of modern sale of goods. Sale of goods is governed by legislation. The parties to a sale a goods transaction may agree to exclude or vary the term implied by the sale of goods act.