Transfer of Ownership and Delivery of Goods in Business Law

Passing of property refers to the transfer of ownership of the goods from the seller to the buyer, while passing of title refers to the transfer of the legal right to ownership of the goods.

The general rule is that risk prima facie passes with the property, meaning that the burden of loss will be borne by the person who is the owner at the time when the goods are lost or damaged.

The importance of determining the time at which ownership passes from the seller to the buyer lies in establishing the party responsible for bearing the risk of loss or damage to the goods. Additionally, it impacts the seller's ability to file a suit for the price and the buyer's entitlement to take action if the goods are damaged by a third party.

<p>The rules related to the delivery of goods specify the obligations of the seller to deliver the goods, while the rules related to the acceptance of goods outline the buyer's responsibilities upon receiving the goods.</p> Signup and view all the answers

<p>The rule of 'nemo dat quod non habet' means 'no one can give what he has not got.' An exception to this rule is when goods are sold by a person who has the authority of the true owner to sell, in which case the buyer acquires a good title to the goods.</p> Signup and view all the answers