Sale of Goods
Give an example of a good, and an example of a non-good
Good: tangible things
Non-good: land, services
What is a secured loan?
Loans that are secured by collateral
What seller relationship(s) does the Sale of Goods Act apply to?
B2C and B2B
Not C2C
What does an IPO do for a business?
Helps to raise capital for the company by selling shares to the public.
What is merchantable quality?
A good is sold at a quality that is fit for the purpose for which the goods are commonly bought. Its durability and price are reasonable to expect.
What is an act of bankruptcy?
Inability to pay debts as they come due
OR
fraudulent preference: prefer one creditor over the others. cannot pick one.
fraudulent conveyance: selling it cheap or free.
What is one condition of the Sale of Goods Act?
• The seller has the right to sell the goods
• Any goods sold by description will match the description by which they are sold
• Any goods sold by description are of merchantable quality
• The goods are fit for the purpose for which the buyer purchases them if the seller is aware of the buyer’s purpose
• Any goods sold by sample will match the sample by which they are sold
What does the Electronic Transactions Act not apply to?
1. wills and codicils
2. trusts created by willis and codicils
3. powers of attorney for an individual's financial affairs or personal care
4. negotiable instruments