Chapter 17 Questions

Chapter 17 Questions - Chapter 17 Questions 1 What are the...

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Chapter 17 Questions 1. What are the obligations of parties to a sales contract? Describe them in general terms. The obligations of the parties in a sales contract are simple and straightforward. The seller is obligated to turn over the merchandise to the buyer and then the buyer accepts and pays for them. Both parties must act in good faith, acting honestly with all behavior. The court does not have to enforce an unconsciousable contract. This type of contract is one that is so one sided that it gives an unfair advantage to one of the parties. 2. Why is tender of performance necessary? Tender of performance is necessary because it tests the other party’s ability and willingness to perform his or her part of the bargain. If a party fails to make tender and the other breaches the contract, the one not making tender cannot bring suit. 3. What is required of the seller in making tender of delivery? What form of payment may be used by the buyer in making tender of payment? When may the seller demand legal tender? The seller must put and hold conforming goods at the buyer’s disposition during a reasonable time of the day. The seller must also notify the buyer that the goods are being delivered. The buyer is responsible for having suitable facilities. In a shipping contract, the seller must put the goods in the possession of a carrier and a contract with that carrier for their transportation. All documents must be sent to the buyer who must be properly notified. When goods are in the possession of a warehouse and are turned over to the buyer without being moved. The seller must issue a document of title covering the goods
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This note was uploaded on 06/03/2008 for the course BUS 2333 taught by Professor Grafton during the Spring '08 term at Oklahoma State.

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Chapter 17 Questions - Chapter 17 Questions 1 What are the...

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