class notes - oct 4 - Sale of Goods Act

class notes - oct 4 - Sale of Goods Act - Breech of...

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Sale of Goods Act Where the seller transfers title/property/ownership to the buyer for consideration (only permissible type consideration is money) Act does not apply to barter and services or gifts Possession vs. property/title SGA is a set of implied warranties and conditions 2 Types of Property Real Property Land and whatever is affixed to the land and is growing on it Personal Property Anything unattached to land Tangible/movable ‘chattels’ Cars Computer Intangibles ‘choses in action’ (things in action) [ Sale of Goods inapplicable] Right to sue, trademark/patent Share in a corp Debenture/bond (depends on how secured) Mortgage Assignment of an account Negotiable instruments Warranties vs. Conditions Warranty is a minor/nonessential term of contract Breech will not discharge the contract, parties must still perform Innocent party can sue for damages Condition is an essential term of contract
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Unformatted text preview: Breech of condition will discharge (annul) the contract Innocent non-breeching party may sue for damages or equitable recission Recission- parties are placed in pre contract position, status quo Property and cash are retuned to parties Implied condition to title Seller (unless K states otherwise) must have title/property to goods at the time of sale Implied warranty that foods are free from charges and encumbrances Specific goods are Goods identified and agreed upon in the contract at the time of sale Aka ascertained good Transfer of title occurs When specific good is in a deliverable state Where certain work must be done in order to put the goods into a deliverable state Sale of goods act states that if a K is made stating when transfer of property will occur, then this is what will be followed...
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class notes - oct 4 - Sale of Goods Act - Breech of...

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