Sale of goods, Business Law and Ethics

Sale of Goods

However in US Law relating to the sale and purchase of goods is such contained in the Sale of Goods Act like cap 31. Therefore the Act is a reproduction of Goods Act 1893 of the English Sale that was made part of the US Law through the colonial administration in the US on date 1st October 1931.

Explanation

Further section 3 (1) of the Act defines a sale of goods like "a contract where through the seller transfers may agrees to transfer the property in such goods to the buyer to a money consideration recognised the price".

Fundamentals of the defination

Although the legal consequences of the above definition are: like;

(a) Whether a sale of goods is "a contract". With Part II of the Act bears the heading "formation about the contract" there is nothing in it such regulates the actual formation of the contract of sale of goods. Conversely it appears reasonable to assume such the contract envisaged through the Act is to be formed according for the rules such govern the formation of contracts in like general, as namely, and like the rules of the common law. Subsequently before a sale of goods be capable of take place: like;

(i)There must be an offer for buy, may sell, tagging on a corresponding acceptance there.

(ii)All the other conditions prescribed through the common law to the validity of a contract be required to be met. Therefore by s.6 provides such a contract regards the sale of goods worth two hundred shillings may as more have to be entered in, otherwise evidenced, and may like in writing, or else the contract is unenforceable also.

(b) The contract effects a transfer like; "the property in such the goods" delineated through it to the buyer there.

(i)The transfer is immediate then the contract constitutes "a sale".

(ii)Although the transfer is delayed then the contract constitutes "an agreement for sell."

Hence "The property in goods" in this context because "the ownership of the goods" like sold or agreed for be sold. Further in effect what like the buyer pay to, is not the physical goods although the right to own them. So then he has acquired the ownership that he will be in a position for do anything he pleases-further frequently taking possession of them otherwise reselling them there.

(c) The consideration to the transfer of ownership must be there "a money consideration" there. Thus reason that a barter is not like "sale" of goods. So further it is an exchange of goods in view of the fact that never like "money" as cash else cheque is paid through either party.

Therefore in Aldridge v Johnson an agreement provided to the exchange of 52 bullocks by way of 100 quarters of barley so then the difference in their value being payable such in cash. Further it was held like the agreement constituted a sale of goods during the statutory definition. Further the money paid through the one party would be regarded like the "money consideration" with the goods delivered or to be delivered about the other party. Conversely the apparent inadequacy of the consideration is then legally irrelevant. Whether in any case the owner about the goods must be assumed for know what that he is doing there.

(d) However the provision that the property in the goods like; "transferred" because there must be two different parties for the contract. Subsequently a person cannot sell goods for himself-even though it appears probable such he can do so in two distinct capacities. Further even so there may like a sale during like a "part-owner" of the goods also.

Posted Date: 1/30/2013 8:04:57 AM | Location : United States







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