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The Sale of Goods Act 1979 s 2(1) has defined a contract for the sale of goods as: "A contract by which the seller transfers or agrees to transfer the property in goods to the buyer for a money consideration called the price". In the context of a contract for the sale of goods, property means ownership of tangible goods (excluding land and money). Money is the consideration in exchange of goods, even though a transaction involving money plus other goods to be traded will be considered by the Act as money has circulated between the buyer and the seller. (Riches & Allen, 2009) Therefore, this contract applies to the scenario (ii) as Smith Motors transfers its new jaguar Y-type to Kylie in exchange of an amount of money and her Y-reg Ka.The sale of goods Act 1979 s 2 (1) is defined as the sale of goods contract "the contract regardless of the vendor or transfer of property transfer agreements in goods to the buyer for payment consideration called the price" In the context of a contract of sale, the property refers to the ownership of tangible goods (excluding land and financing) Funds are taken into consideration in the exchange of goods, even though the transactions involving money or other items to be purchased will be determined by the Act of circulating funds between buyers and sellers (millionaire and Allen, 2009) Therefore, this contract applies to the situation (ii) while Smith's new transfer motor Jaguar Y-type CAI in exchange of money, she and Y-reg.
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