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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) defines a contract of sale of goods. "Promised by the seller or transferor the transfer of property in goods to the buyer for the consideration paid, called the price" in the context of a contract of sale, the property refers to the ownership of tangible goods. Must have (Excluding land and money) are considered money in exchange for goods, even if the transaction involves money, combined with other products to be traded will be determined by the law of money circulation between buyers and sellers. (Rich and Allen, 2009), so this agreement applies to the situation (ii) the transfer of Smith Motors Jaguar Y-type to Kylie in exchange of money.
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