Understanding Chapter 18: Index Numbers

<p>To link together different periods' index numbers</p> Signup and view all the answers

<p>The importance of determining the time of transfer of ownership lies in establishing who bears the risk in case of loss or damage to the goods. The general rule is that risk passes with the property, so identifying the owner at the time of loss or damage determines who bears the burden. Additionally, the seller can only file a suit for price once the property has passed to the buyer.</p> Signup and view all the answers

<p>Appropriation of goods refers to the allocation or setting aside of specific goods for a specific contract. It affects the passing of property by establishing a clear link between the goods and the contract, thereby determining when the ownership is transferred from the seller to the buyer.</p> Signup and view all the answers

<p>The passing of property refers to the transfer of ownership from the seller to the buyer, while the passing of title refers to the transfer of legal ownership rights. These two concepts may occur simultaneously, but they can also be separate, especially in cases involving conditional sales or reservation of title clauses.</p> Signup and view all the answers

<p>The rule of ‘nemo dat quod non habet’ means that a person cannot transfer a better title than what they themselves possess. Exceptions to this rule include situations involving good faith purchase for value, estoppel, and statutory exceptions such as negotiable instruments and sales by a merchant.</p> Signup and view all the answers

<p>The rules related to the delivery of goods include the seller's duty to deliver the goods, the buyer's duty to accept the goods, and the specific requirements for a valid delivery. Acceptance of goods involves the buyer's assent to take the goods and can be actual, constructive, or conditional.</p> Signup and view all the answers