Management and Organizational Studies 2275A/B Chapter Notes - Chapter 23: Caveat Emptor, Walkover, Legal Maxim

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

Document Summary

Sale of goods influenced by laws and regulations. Fundamental laws affecting sales are common law principles of contract and tort law. Number of important statutes (federal and provincial that apply to sale and marketing of goods) Protect parties to sale of goods transactions, particularly buyers. Protect consumers from unfair selling and marketing practices. Purposes of business law is to promote trade and commerce. Contract of sale is legal foundation for every sale of goods transaction. Key aspects of contract of sale are worthy of particular attention (terms of contract relating to sale, transfer of ownership of goods to buyer, terms relating to payment and delivery, and remedies for a breach of contract) Caveat emptor = let the buyer beware or let the buyer take care. When buyers agree to purchase goods, they typically have expectations regarding attributes and characteristics of goods. Whether such expectations are protected from legal perspective is a different matter.