...1. Definition. a. Contract of Sale – By the contract of sale, one of the parties obligates himself to transfer the ownership of and to deliver a determinate thing, and the other to pay therefore a price certain in money or equivalent. (Article 1458) b. Conditional Sale – It is one kind of contract of sale where the sale contemplates a contingency, and in general, where the contract is subject to certain conditions, usually the full payment of the purchase price. The delivery of the thing sold does not transfer ownership until the condition is fulfilled. c. Sale by Description – It occurs where a seller sells things being of a particular kind, the buyer not knowing whether the seller’s representations are true or false, but relying on them as true; or, as otherwise stated, where the purchaser has not seen the article sold and relies on the description given him by the vendor, or has seen the goods but the want of identity is not apparent on inspection. If the bulk of the goods delivered do not correspond with the description, the contract may be rescinded. (Article 1481) d. Fungible Goods – These are goods of which any unit is, from its nature or by mercantile usage, treated as the equivalent of any other unit such as grain, oil, wine, gasoline, etc. 2. What remedies are available to a vendor in sale of personal property payable in installments? The vendor of personal property payable in installments may exercise any of the following remedies: a. Exact...
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...Matter of a Contract of Sale (Arts. 1459 to 1465) Art. 1459. The thing must be licit and the vendor must have a right to transfer the ownership thereof at the time it is delivered. (n) Art. 1460. A thing is determinate when it is particularly designated or physical segregated from all other of the same class. The requisite that a thing be determinate is satisfied if at the time the contract is entered into, the thing is capable of being made determinate without the necessity of a new or further agreement between the parties. (n) Art. 1461. Things having a potential existence may be the object of the contract of sale. The efficacy of the sale of a mere hope or expectancy is deemed subject to the condition that the thing will come into existence. The sale of a vain hope or expectancy is void. (n) Art. 1462. The goods which form the subject of a contract of sale may be either existing goods, owned or possessed by the seller, or goods to be manufactured, raised, or acquired by the seller after the perfection of the contract of sale, in this Title called "future goods." There may be a contract of sale of goods, whose acquisition by the seller depends upon a contingency which may or may not happen. (n) 2. Sale of Undivided Interest (Art. 1463) Art. 1463. The sole owner of a thing may sell an undivided interest therein. (n) 3. Sale of Undivided Share in Mass (Art. 1464) Art. 1464. In the case of fungible goods, there may be a sale of an undivided...
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...CONTRACT FOR THE SALE OF GOODS This Contract for the Sales of Goods (the “Sales Contract”) made on November 02, 2012, BETWEEN: Giant (The “Seller”), a corporation organized, and existing under the laws of the Province of Ontario, Canada with its head office located at: Doon Valley, Kitchener, Ontario, X8X 9X9, Canada AND: Universal (the “Buyer”), a corporation organized, and existing under the laws of the Province of Ontario, Canada with its head office located at: Maroon Valley, Kitchener, Ontario Z0Z 2A3, Canada 1. SALE OF GOODS Seller shall sell, transfer and deliver to buyer on or before November 02, 2013 the following personal property: Sixty Seven Thousand, five hundred (67,500) Motor Units 2. CONSIDERATION Buyer shall accept the goods and pay the sum of $18.50 per unit 3. IDENTIFICATION OF GOODS Identification of the goods to this agreement shall not be deemed to have been made until both buyer and seller have specified that the goods in question are to be appropriated to the performance of this agreement. 4. PAYMENT ON RECEIPT OF INVOICES TERMS: 5/30 NET 60 DAYS 5. RECEIPT CONSTRUED AS DELIVERY Goods will be deemed received by the buyer when delivered to buyer at each of the six (6) locations (FOB: DESTINATION) 6. DELIVERIES - Deliveries are to be completed within 48 hours of order placement to all six plants - Late orders will have the following fines levied on the Seller (except where an act of God is the reason...
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...Sales Contracts – Breaches and Remedies Flavia Ana Guez Business Law for Managers In a business environment, you may at times find yourself caged by circumstances. From time to time, you might have to make decisions that require breaching a contract. As a merchant, the Uniform Commercial Code governs the impact of the breach of your contract whether you are the seller or the buyer. Seller`s remedies for breach of contract If a buyer repudiates/ breaches a contract, the seller`s remedies and options are as follows: • Withhold delivery of the goods • Stop delivery of goods in transit • Resell the goods and recover damages • Recover damages equal to the difference between the market price and the K price • Cancel the contract In a scenario where the seller chooses to resell the goods, the resale must be made in good faith and in a commercially reasonable manner. In this situation, the seller may recover the difference between the resale price and the contract price, together with any incidental damages, but less expenses saved as a result of the buyer’s breach. If the resale of the goods is done via a private sale, the seller must give the buyer reasonable notice of the intended sale. If a reasonable notice is not given to the buyer, the seller might be prevented from recovering under this remedy. If the goods are not resold by the seller, the difference between the contract price and the market price under the contract can be collected...
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...Contract of Sale of Real Estate — Particulars of Sale Part 1 of the standard form of contract prescribed by the Estate Agents (Contracts) Regulations 2008 Property Address: |The vendor agrees to sell and the purchaser agrees to buy the property, being the land and the goods, for the price and on| |the terms set out in this contract. | |The terms of this contract are contained in the— | |( Particulars of sale; and | |( Special conditions, if any; and | |( General conditions; and | |( Vendor's Statement | |and in that order of priority. | |The Vendor's Statement required by section 32(1) of the Sale of Land Act 1962 is attached to and forms part of the terms | |of this contract. | |IMPORTANT NOTICE TO PURCHASERS ...
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...13 CHAPTER CONTRACTS AND SALES: PERFORMANCE AND REMEDIES TRUE/FALSE 1. A contract with a minor is voidable at the minor's option. ANS: T NAT: AACSB: Analytic TOP: capacity 2. A contract with a party who has been declared incompetent is voidable. ANS: F NAT: AACSB: Analytic TOP: capacity 3. The contracts of a person who has been declared legally incompetent are void. ANS: T NAT: AACSB: Analytic TOP: capacity 4. Minors are liable for the reasonable value of necessaries. ANS: T NAT: AACSB: Analytic TOP: capacity 5. Material information is something that would affect the decision to buy or sell. ANS: T NAT: AACSB: Analytic TOP: misrepresentation 6. Misrepresentation must be fraudulent before rescission can be permitted. ANS: F NAT: AACSB: Analytic TOP: misrepresentation 7. Puffing is sufficient grounds for setting aside a contract on the basis of misrepresentation. ANS: F NAT: AACSB: Analytic TOP: misrepresentation 8. "This shirt is 100% cotton" is a statement that is puffing. ANS: F NAT: AACSB: Analytic TOP: puffing 9. Fraud is misrepresentation with intent to mislead or deceive. ANS: T NAT: AACSB: Analytic TOP: fraud 10. Duress requires proof of physical force. ANS: F NAT: AACSB: Analytic TOP: duress 11. Scienter is required for misrepresentation. ANS: F NAT: AACSB: Analytic TOP: misrepresentation 12. Undue influence requires proof of a confidential relationship. ANS: T NAT: AACSB: Analytic TOP: undue influence 13. Competency licensing statutes do not prevent enforcement of contracts...
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...KULLIYYAH OF ECONOMICS AND MANAGEMENT SCIENCES ‘Comparison of Principles of Sale Contract between Conventional and Shari’ah Laws’ LAW 3512 COMMERCIAL LAWS (SECTION 3) Any form of cheating or attempt to cheat is a serious Offence which may lead to dismissal Introduction We are blessed as a human being on the earth as the only creature created by God who has the ability to think upon choosing between alternatives. Humans are associates with many labels and beliefs that they uphold throughout their life. Major differences of choosing between alternatives would be based on their framework of thinking mostly derive from their religions or beliefs. Speaking from Malaysia context, Islamic belief would be a stronger influence for Malaysian citizens before embarking into any decision. Although, Malaysia is known as the Islamic state but Malaysia still uphold conventional laws as the supreme laws for the state over Islamic Laws which ruled by the Federal Court. Islamic Laws would only covers family laws, inheritance and few specific issues among muslims[1]. We would further discuss on the framework of sale contract from Islamic and conventional point of view. Take a look around and it is apparent in our daily lives that transactions need to occur for us to carry on sustaining our needs and wants. As humans we ought to want things and we need to have goods that are essential for our daily lives in order to carry on living our lives...
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...Solution: 1.) Application of the CISG 1. It is a contract of sale of goods (art.1 par. 1) 2. Places of business in different states – United States and Italy (art. 1 par. 1) 3. Both are member countries under the CISG (art. 1 par. 1a) 4. No kind of contracts excluded by art. 2 5. No exclusion of the by the contract partners (art. 6) → CISG will apply 2.) Validity of the contract 1. Valid contract (art. 14/15) 2. subcontraction was not exluded → valid contract 3.) Compensation for damage 1. loss occured? → yes especially loss of profit (art. 74) 2. Legal basis: 1. art. 74: Damages for breach of contract 3. Breach of contract: 1. fundamental breach of contract (art. 25) in conjunction with 2. breaching of the delivery of goods (art. 30) 4. Remedy of the buyer: 1. require performance by the seller (art. 45 par. 1a in conjunction with art. 46 par. 1) → not possible because of the circumstances 2. claim damages (art. 45 par. 1b) 1. Reasons for exclusion of compensation (art. 79) 1. failture of the seller is due to the failture of the subcontractor in Pakistan (art. 79 par. 2) 1. liabilty exemption 1. if art. 79 par. 1 apply: „not liable […] [if| he proves that the failture was due to an impediment beyond his control and that he could not reasonably be expected“ 1. since the indipendance of pakistan the country is in insecure condition 2. corruption 3. landlords and no stability by the government 2. According to the circumstances of the case there were no notice of impediment (art....
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...Performance of the Sales Contract 1. No. The fact that the driver refused to let Sarah inspect the car before receiving a certified check for the balance due, and then unloaded the car and gave Sarah the title to the car after receiving the check, suggests that the parties agreed that Sarah was not entitled to inspect the car before payment against documents of title. 2. Assuming that Sarah was not entitled to the inspection of the car before payment and that she discovered the scratches and lack of basic features such as the CD player when receiving the car, she could have rejected the car without payment arguing that the non-conformity was obvious even without inspection. Now, if Sarah noticed the non-conformity when inspecting the car after the carrier left, she still could have demanded the dealer to provide a car meeting the contract terms arguing that the payment before inspection did not constitute acceptance of the car or deprived her from inspecting the car or pursuing remedies against the dealer. 3. The fact that Sarah discovered that the car had the tendency to stall and took it in numerous occasions to the dealer for repair, indicates that she decided to keep the car. Sarah still has the right to revoke her acceptance arguing that a car that stalls and have to be restarted in a traffic light has a serious problem and therefore represents a very low value. She also can argue that dealer has failed to fix the problem despite the numerous unsuccessful...
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...DAY2NIGHT CONVERTIBLE HEEL SHOESSt. | Content Part I. Business situation 3 Part II. Relevant sample of International Sell-Purchase Contract 8 Part III. Transaction scheme 8 Part IV. Project network analysis of the transaction 8 Part V. Commercial Offer, Counteroffer, Contract 8 Commercial offer 8 Counteroffer: 10 International Sales Contract 11 Part VI. Proposals concerning all logistics items on the Contract under consideration 17 Choice of Incoterm 17 Choice of terms of payment 18 Choice of transportation arms and means 18 Proposals and rationales to use an international middleman in the near future 18 Considerations on insurance 18 Considerations on customs clearance 18 Considerations on packaging instructions. 18 Part VII. International middleman 19 Part VIII. INTERNATIONAL AGENT AGREEMENT 19 Appendixes 22 Part I. Business situation Shoe Day2Night Convertible Heels for Russian market According to the national footwear Union the capacity of the market of footwear in Russia is estimated at 500-600 million pairs, which is in money terms 12-14 billion US dollars. In a year the state of the internal market in Russia is characterized by the following indicators:official imports of 340 million pairs,the official production to 8 million pairs,underground production is 40% of the market. The market is of interest for foreign manufacturers, because the population of Russia is million people and all need shoes. The growth of the national...
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...Me , ______________, director of Hogwarts supporting team, agrees to enter into this contract with ______________ known as director of Daily Packaging Ltd. on 17 October 2013 This agreement is based on the following provisions: 1. The Hogwarts supporting team with ______________director, as responsible for a payment, is buying 10 machines from Daily packaging Ltd. With ____________ director, as responsible for a delivery. 2. The payment is doing by two parts, with the last one after machines delivered, with deadline of delivery 17 January 2014 3. In case of late delivery or late payment, the late side should pay 100 (one hundred) euro extra for each next day after deadline. 4. In case of severe cancellation from any part a penalty which is needed to be payed to another partie goes to 1000 (one thousand) euro. 5. The contract longs for 10 years and means to be used ones and any other time both sides will be agreed on this statements again. Furthermore, the First Partie agrees: Me, _______________ taking liabilities for giving a payment for the 10 machines of Daily Packaging Ltd. To _____________ in a summ 2300 (two thousand three hundreds) euro during next tree month with deadline 17 January 2014. and the Second Party agrees: Me, ____________- taking all delivery costs and charges for delivery and liabilities for a machines warranty for a 6 months, starting after the date of machines delivery and any training course for the machine operators. Invalidity or unenforceability...
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...Bai Bithaman Ajil (BBA) Definition A contract that refers to the sale and purchase transaction for the financing of assets on a deferred and an installment basis with a pre‐agreed payment period. The sale price will include a profit margin. In Islamic finance a sale of goods in which a bank purchases the goods on behalf of the buyer from the seller and sells them to the buyer at a profit, allowing the buyer to make installment payment. A sample calculation of a 20 years property financing is as follows: Assume that you take out a 20 years financing for a house terrace of RM250,000 at a profit rate of 5.88%. The monthly instalments and total repayment would be based on the following formula: (PMT) = [FA (1 + r)n r] / [1 + (1 + r)n – 1] Whereby: PMT is payment of monthly instalment FA is facility amount r is profit rate (per month) n is periodic payment (no of months) Monthly instalment= [RM225,000 (1 + 0.0049)240 x 0.0049] / [1 + (1 + 0.0049)240 – 1] = RM1,596.43 Whereas the Bank’s selling price is = RM1,596.43 x 240 months = RM383,143.20 • Bai Bithaman Ajil means sale of goods with deferred payment, • Bai(sale), Bithaman(price), Ajil(deferment). • BBA is sale with deferred payment and is not a spot sale. • BBA used for financing property, vehicle, as well as financing of other consumer goods. Type of product : - Land / property financing - Vehicle financing - Consumer financing ...
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...students and showing why they should be able to rescind their contracts. Ariana (defendant) is 19 and purchased a sofa and framed print from Apartments ‘r’ Us (plaintiff) with cash for $1400. She notified the plaintiffs that she wanted to disaffirm the contract which was voidable at her discretion because she is considered an infant under the law of Hollis. The legal...
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...UKHL 11 Why was the contract considered to be an FOB contract in this case? Compare speeches of Rodger LJ and Mance LJ regarding time of delivery. 2. The Parchim [1918] AC 157 Why was it so important to determine whether property had passed in this case? What considerations did the court take into account in making the determination? Do you consider that it would have made any difference had the contract been on FOB terms? ANSWERS: 1. Scottish & Newcastle International Ltd v Othon Ghalanos Ltd [2008] UKHL 11 => Why was the contract considered to be an FOB contract in this case? Compare speeches of Rodger LJ and Mance LJ regarding time of delivery. B, the buyer (Cyprus company), failed to pay the price of the goods shipped by the S, the seller (Scottish company), from Liverpool to Limassol, in a contract of sale governed by the law of England. The question was whether the English court had jurisdiction to entertain the action. It would have been the case if the goods were deemed delivered on shipment at Liverpool but not if the goods were deemed delivered in Limassol. This is the application of art.5(1)(a) and (b) of Council Regulation (EC) No 44/2001 (“A person domiciled in a Member State may, in another Member State, be sued in matters relating to a contract, in the courts for the place of performance of the obligation in question. (…) The place of performance of the obligation in question shall be:- in the case of the sale of goods, the place in a...
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...think this an unfortunate situation because a contract was entered into by both parties under false assumptions. A mutual mistake of material fact was made. From the information provided it does not seem it was done intentionally by the sales person so the contract can be rescinded. If the buyer, Josh Hartly, agrees to purchase a car with the new engine that is being manufactured then both parties can continue with the sales contract. One thing to be aware of would be the price difference, if any, between the 3.2 L V-6 engine car and the 3.5 L V-6 engine car. Under certain circumstances, nondisclosure serves to make a contract voidable. As a general rule a party to contract has no duty to volunteer information to the other party. So if information was not asked for the nondisclosure of said information does not impose fraud liability or impair the validity of the contract. There are however exceptions to the general rule. In some states the seller must disclose the information of a serious defect or condition to the other party if it is unknown to them or unlikely they will discover it. But if the seller has no knowledge of the serious defect or condition, they cannot be held liable for failing to disclose it (Jennings & Twomey, 2014). With the information provided, I do not believe that either party acted unethically. The sales person was not aware of the change made by the manufacturer. Though I believe it is the job of the sales person to be up to date on the products he or...
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