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

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

Document Summary

Bus law 2275 chapter 23: the fundamental laws affecting sales are the common law principles of contract and tort law, main objectives of these laws are: The sale of goods: to protect the parties to sale of goods transactions, particularly buyers, to protect consumers from physical harm, to promote a fair and competitive marketplace, to protect consumers from unfair selling and marketing practices. The contract of sale: the terms of the contract relating to sale, the transfer of ownership of the goods to the buyer, the terms relating to payment and delivery, the remedies for the breach of contract. If the purchaser expected a product to have certain attributes or exhibit certain characteristics, the common law required those expectations to be contained in the contract no remedy otherwise. Goods and services: goods means personal property that is tangible, act does not refer to goods that are intangible such as account receivables and intellectual property.