Management and Organizational Studies 2275A/B Chapter Notes - Chapter 5: Secured Transaction, Better Business Bureau, Walmart

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

Document Summary

Sale of goods act - provincial statute that imply missing terms into sale of goods contracts: parties can override most provisions of act. Goods - tangible, movable property: where service is incidental to transaction, act applies. Land and anything attached to land is not included in goods. If seller names self to receive goods, he/she retains control of goods, but also risk. Transfer of title follows rules in the sale of goods act: If nothing needs to be done to the good, title and risk transfer immediately when you enter into a contract. If something needs to be done, title and risk transfer when it"s done and the buyer has been notified. If you don"t like the outcome just write it differently! If goods are specific, identified goods in a deliverable state with nothing further to do, title and risk transfer immediately upon contract of sale; payment and delivery may happen later.