Sale of Goods Transactions Overview

A sale of goods transaction is a contract where a seller transfers ownership of goods to a buyer for a price, typically money.

The key elements include offer, acceptance, consideration, capacity, and lawful purpose.

A sale is an immediate transfer of ownership, while an agreement to sell involves a future transfer of ownership.

<p>Time is significant as it can affect the performance of the contract and may stipulate when the ownership transfers.</p> Signup and view all the answers

<p>'Nemo dat quod non habet' means 'no one can give what they do not have', indicating that a seller cannot transfer ownership of goods they don't own.</p> Signup and view all the answers

<p>Conditions are essential terms that go to the root of the contract, while warranties are secondary terms that offer less critical assurance.</p> Signup and view all the answers

<p>Paying in advance may create a binding obligation for the seller to deliver the goods and can affect the buyer's rights if the seller fails.</p> Signup and view all the answers

<p>Remedies include damages, specific performance, and rescission of the contract.</p> Signup and view all the answers

<p>The seller transfers ownership of the goods, while the buyer receives ownership of those goods.</p> Signup and view all the answers

<p>A contract can be formed orally, partly orally and in writing, in writing, by deed, or implied from conduct.</p> Signup and view all the answers

<p>Keeping the goods for some time, signing the delivery slip, expressing acceptance, or using the goods as an owner indicate acceptance.</p> Signup and view all the answers

<p>In a sale, ownership transfers immediately, while an agreement to sell defers ownership transfer to a future date or condition.</p> Signup and view all the answers

<p>The essential elements are two legally capable parties, offer and acceptance, and consideration.</p> Signup and view all the answers

<p>Written contracts provide clarity and are easier to enforce in case of disputes.</p> Signup and view all the answers

<p>Tangible personal property such as cars, clothing, electronics, and crops are included.</p> Signup and view all the answers

<p>Consideration involves the exchange of something of value, typically goods for a monetary price.</p> Signup and view all the answers

<p>Services, houses, land, skills, and debt are not classified as goods.</p> Signup and view all the answers

<p>Future goods are items that the seller does not have at the time of the agreement.</p> Signup and view all the answers

<p>Specific goods are items that have been identified during the agreement, regardless of their current availability.</p> Signup and view all the answers

<p>One key duty of the seller is to deliver the goods at the agreed-upon time and place.</p> Signup and view all the answers

<p>The buyer can sue the seller for breach or seek specific performance.</p> Signup and view all the answers

<p>The buyer has the duty to accept the goods when they are delivered, provided they conform to the contract.</p> Signup and view all the answers

<p>Satisfactory quality means the goods must fit for their purpose and match their description.</p> Signup and view all the answers

<p>Unascertained goods refer to generic descriptions of items that have not been specifically identified.</p> Signup and view all the answers

<p>It ensures that the parties involved intend for their agreement to have legal consequences.</p> Signup and view all the answers

<p>Free consent means the agreement is made without coercion, duress, undue influence, misrepresentation, or fraud.</p> Signup and view all the answers

<p>Time is important for delivery which must occur within a reasonable timeframe, but it is not crucial for payment unless specified in the contract.</p> Signup and view all the answers

<p>It means a person cannot give what they do not have, rendering transactions by someone without ownership void.</p> Signup and view all the answers

<p>A sale in market overt refers to a transaction in an open, public, and legally constituted market.</p> Signup and view all the answers

<p>Conditions are fundamental terms that, if breached, allow the buyer to end the contract and seek damages, while warranties are minor terms that permit damage claims but do not allow contract termination.</p> Signup and view all the answers

<p>Estoppel prevents the owner from denying a sale if their conduct misled the buyer into believing the seller had the right to sell.</p> Signup and view all the answers

<p>Paying in advance means you rely on the seller to deliver the goods without inspecting them first, making it difficult to reclaim money if issues arise.</p> Signup and view all the answers

<p>Mercantile agents can pass good title to the buyer if they are acting with proper authority.</p> Signup and view all the answers

<p>For buyers, agreeing on a price may lead to paying more than the market rate if production costs decrease. For sellers, they risk losing money if costs increase, potentially leading to legal disputes for recovery.</p> Signup and view all the answers

<p>Types of transactions include Sale and Bailment, Sale and Exchange, Sale and Hire Purchase, Contract for Work and Materials, Gifts, and Loans.</p> Signup and view all the answers

<p>Buyers can seek compensation, terminate the contract, or request damages.</p> Signup and view all the answers

<p>An exclusion clause cannot eliminate liability for a fundamental obligation within the contract.</p> Signup and view all the answers

<p>A breach occurs if either party fails to fulfill their contractual duties, such as delayed delivery or non-conforming goods.</p> Signup and view all the answers

<p>Both parties can agree to terminate the contract, even if they have fulfilled their obligations.</p> Signup and view all the answers

<p>Sellers can exercise a lien, keep the goods until delivery is made, or request damages from the breaching party.</p> Signup and view all the answers