Performance and remedy
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The document discusses performance and remedies under contract law. It covers the obligations and rights of buyers and sellers. Some key points: - Sellers must tender conforming goods and have a right to cure non-conforming goods within a reasonable time. Buyers may reject non-conforming goods under the perfect tender rule. - If goods are destroyed before the risk passes to the buyer, the contract is void. If partially destroyed, the buyer can accept at a reduced price or void the contract. - Both parties have remedies if the other party breaches, such as cancelling the contract, recovering money paid, or obtaining substitute goods. Damages aim to put the injured party in the position they
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A contract of sale may be absolute or conditional depending on whether the transfer of ownership in the goods is to happen immediately or subject to certain conditions being met first. This distinction leads to two types of contracts under the Act:
Sale - Where the transfer of ownership of the goods is immediate.
Agreement to sell - Where the transfer of ownership is to take place at a future date or subject to certain conditions being fulfilled.
An agreement to sell becomes a sale when the time elapses or the conditions are fulfilled subject to which the property in the goods is to be transferred. This distinction is crucial as it impacts the rights and liabilities of the buyer and the seller, particularly in cases of breach of contract or when the goods are destroyed before delivery.
For instance, in a sale, risk typically passes with ownership, meaning if goods are damaged or lost, the buyer bears the loss having already become the owner, regardless of whether they have taken delivery. In an agreement to sell, the seller remains the owner and thus bears the risk until the ownership passes to the buyer.
Contract of performance of sales
The document outlines the obligations of buyers and sellers in sales and lease contracts under the Uniform Commercial Code. It discusses requirements for good faith, the seller's obligation to deliver conforming goods, the buyer's obligation to accept and pay for goods, and exceptions to the perfect tender rule such as agreement of parties, cure, substitution of carriers, and commercial impracticability. It also covers the buyer's right to inspect goods before payment, acceptance, revocation of acceptance, anticipatory repudiation, international contracts, and letters of credit.
Chapter 12
The document discusses the obligations and remedies of buyers and sellers under contracts for the sale or lease of goods. It covers key concepts like the perfect tender rule, anticipatory repudiation, available remedies for breach of contract by either party, and limitations parties can place on remedies through agreement. The parties' basic obligations are for the seller to deliver conforming goods and the buyer to accept and pay for them. Available remedies depend on whether goods are in the seller's, buyer's, or transit at the time of breach.
Conditions and Warranties (2nd Chapter).ppt
The document discusses conditions and warranties in contracts for the sale of goods. It defines a condition as an essential term of the contract, while a warranty is collateral. A breach of condition allows rescission of the contract, whereas a breach of warranty only permits damages. By law, there are implied conditions regarding title, description, sample, fitness for purpose, and merchantability. Implied warranties exist for quiet possession, no encumbrances, and usage of trade. The key difference is that conditions are vital and warranties are not, so conditions allow contract termination for breach and warranties do not.
Chapter 11
This document discusses key differences and similarities between Articles 2 and 2A of the Uniform Commercial Code, which govern sales and leases of goods respectively. It covers topics like scope, formation of contracts, additional terms in acceptance, the statute of frauds, passage of title and risk of loss. For example, it notes that Article 2A applies to all commercial and consumer leases while Article 2 governs sales of tangible, movable goods. It also discusses rules around when risk of loss passes between buyers and sellers in shipment and destination contracts.
Sale of goods act
The document discusses key concepts in Indian contract law relating to the sale of goods, including:
- Formation of sales contracts through offer and acceptance.
- Implied conditions and warranties in contracts.
- Rights and obligations of buyers and sellers in performing contracts, including delivery of goods, payment, and remedies for breach.
- Concepts relating to unpaid sellers, including rights of lien, stoppage in transit, and resale.
The sales of goods act 1930
The document discusses key concepts in contracts for the sale of goods under Indian law, including:
- A contract for the sale of goods involves the transfer of property in goods from a seller to a buyer for a price. It can be a sale (immediate transfer of property) or agreement to sell (future transfer).
- Essential elements are two parties (buyer and seller), goods to be transferred, and a price. The goods must be movable property.
- Conditions are essential terms, while warranties are collateral terms. Breach of a condition allows terminating the contract, while breach of a warranty only allows damages.
- Implied conditions include title, description, quality/fitness depending on context
Sale of Goods Act 3.pptxhgyyfdddgfdfdsdsfg
The document discusses the Sale of Goods Act 1930 in India. It covers:
- A contract of sale involves the transfer of property in goods from a seller to a buyer for a price. It must meet the requirements of a valid contract.
- There are implied conditions in a sale regarding title, quality/fitness for purpose, description if sold by description or sample, and merchantability.
- A sale transfers ownership of goods immediately, while an agreement to sell transfers ownership later or upon fulfillment of a condition. This determines risk and remedies in case of insolvency of the buyer or seller.
Sale of Goods Act.pptx
The document discusses the Sale of Goods Act 1930 in India. It covers:
- A contract of sale involves the transfer of property in goods from the seller to the buyer for a price. It must meet the requirements of a valid contract.
- A sale transfers ownership of goods immediately, while an agreement to sell transfers ownership in the future or upon condition fulfillment.
- Goods refer to movable property excluding money and actionable claims. Future and contingent goods are also discussed.
- Conditions and warranties can be express or implied. Breach of a condition allows contract repudiation while breach of a warranty only allows damages claims. Common implied conditions like title, quality and description are outlined.
Llb sc u 2 law of sales
The Sale of Goods Act governs the sale of movable property in India. It applies to tangible movable goods, excluding money and actions. Goods may be existing, future or contingent. A sale involves transferring ownership, while an agreement to sell involves future or conditional transfer. Key elements of a valid contract of sale are movable goods, consideration in the form of money, two parties (buyer and seller), and mutual agreement. The Act implies certain conditions and warranties depending on the type of sale, regarding title, description, sample or fitness for purpose. Remedies for breach include damages, rejection, and specific performance.
Warenty & product liability
There are three main issues related to product liability cases: warranty, negligence, and strict liability. Warranties can be express or implied, and protect buyers against defects. Sellers can disclaim some warranties but not others. Strict liability holds sellers responsible even without negligence. Various laws like lemon laws, consumer protection acts, and statutes of limitations govern product liability claims.
Sales of goods act
The document outlines the essential elements of a valid sales contract and the rights and duties of buyers and sellers. A valid sales contract requires two parties (a buyer and seller), goods that are movable property, and a monetary price. The document also distinguishes conditions from warranties in a contract and provides examples. It describes the rights of unpaid sellers, including lien on goods, stoppage in transit, and re-sale of goods. The rights and duties of buyers and sellers are also defined.
23© 2013 Cengage Learning. All Rights Reserved. May not b.docx
23
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23
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied, or duplicated, or posted to a publicly accessible website, in whole or in part.
Quote of the Day
“Truth is the most valuable thing we have. Let us economize it.”
Mark Twain,
American author
23
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Good FaithGood faith means honesty in fact. Between merchants, it also means the use of reasonable commercial standards of fair dealing.The Code requires good faith in the performance and enforcement of every contract.
23
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Seller’s Obligations
(and a Few Rights)Conforming goods satisfy the contract terms. Non-conforming goods do not.The seller must tender the goods -- make conforming goods, available to the buyer.Perfect Tender Rule
Under the perfect tender rule, the buyer may reject the goods if they fail in any respect to conform to the contract.
Parties may limit the effect of the perfect tender rule by agreeing to accept imperfection in the goods.
23
© 2013 Cengage Learning. All Rights Reserved. May not be scanned, copied, or duplicated, or posted to a publicly accessible website, in whole or in part.
Restrictions on the Perfect Tender RuleUsage of trade: any practice that members of an industry expect to be part of their dealings.Course of dealing: previous commercial transactions between the same parties.Course of performance: the history of dealings between the parties in this one contract. This assumes it is a contract demanding an ongoing relationship.
23
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CureWhen the buyer rejects non-conforming goods, the seller has the right to cure, by delivering conforming goods before the contract deadline.The seller has the right to cure even after the contract deadline if the seller:
reasonably believed the goods to be conforming, and
promptly notified the buyer of his intent to cure within a reasonable time.
23
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Substantial ImpairmentThe Code puts a tighter restriction on buyers in the following two cases. A buyer who claims goods are non-conforming must show that the defects substantially impair their value if:
the buyer is revoking acceptance of goods, or
the buyer is rejecting an installment.
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After sales service
This document discusses the importance of after-sales service for companies. It notes that 77% of Indian consumers will not make a repeat purchase or continue with a company's services after a bad customer experience. Additionally, 76% of Indian consumers are willing to pay 11% more for excellent customer service. The document also outlines some key principles for after-sales service processes, including problem resolution timelines, supplier management, reporting techniques, and escalation processes. Overall, it emphasizes that quality after-sales service leads to customer satisfaction, repeat purchases, and positive word-of-mouth advertising.
Agreement law
The parties must understand each other and intend to reach an agreement for a contract to be formed. A judge will objectively assess if there was a meeting of the minds based on the parties' conduct. An invitation to bargain or price quote is generally not an offer, and an advertisement is also not usually an offer. For an offer to be valid, the terms must be definite. The UCC establishes implied terms for open contracts regarding issues like price, delivery, and warranties. Offers can be terminated by revocation, rejection, expiration or operation of law such as death. For acceptance, the offeree must generally promise in a bilateral contract or perform in a unilateral contract. Additional terms in a acceptance under the UCC
Commercial law gp solved part 2
The document discusses various topics related to commercial law in India including agreements to sale, ascertainment of price under the Sale of Goods Act, rights of an unpaid seller, bill of lading, negotiable instruments, partnership law, and rights and duties of parties in bailment, agency, and suretyship agreements. It provides explanations and examples for each topic.
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Sale of goods act,1930 Act defines a "contract of sale" .pptx
Sale of goods act,1930 Act defines a "contract of sale" .pptx
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STUDIES IN SUPPORT OF SPECIAL POPULATIONS: GERIATRICS E7
acne vulgaris -Mpharm (2nd semester) Cosmetics and cosmeceuticals
acne vulgaris -Mpharm (2nd semester) Cosmetics and cosmeceuticals
Osvaldo Bernardo Muchanga-GASTROINTESTINAL INFECTIONS AND GASTRITIS-2024.pdf
Osvaldo Bernardo Muchanga-GASTROINTESTINAL INFECTIONS AND GASTRITIS-2024.pdf
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Pharmacology of 5-hydroxytryptamine and Antagonist
Performance and remedy
- 1. Performance and Remedies CHAPTER 22 Click your mouse anywhere on the screen to advance the text in each slide. After the starburst appears, click a blue triangle to move to the next slide or previous slide .
- 20. “ Performance and remedy under the Code reflect contemporary commercial practices but also demand a satisfactory level of sensible, ethical behavior.”