StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Sale of Goods Contracts - Essay Example

Comments (0) Cite this document
Summary
Name Institution Course Instructor Date Sale of Goods Contracts Any issue involving different parties could be termed as a contract. This means that contracts are marked with agreements towards a certain goal. However, due to teh diversity and requirements in dealing with contracts, statistics prove that approximately 20% of all contracts do not succeed…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER97.6% of users find it useful
Sale of Goods Contracts
Read Text Preview

Extract of sample "Sale of Goods Contracts"

Download file to see previous pages Money is the commonly used consideration in exchange of goods world over as the medium upon which the price of commodities is set after negotiations by the parties involved. Sale of goods contracts do not necessarily require formal documentation for them to be binding. The parties can make contracts expressly by word of mouth, put in writing, partly in writing and partly by word of mouth or the parties can imply them in their conduct. Under the sale of goods contract, the price of goods is determined through several ways including; a joint decision by the parties, adoption of a course reached under the contract, have a fixed price in the contract or have the buyer incur a rational cost for the goods. The goods in question can be either existent or prospect goods that the seller will obtain or produce after entering the sale contract. The buyer may also determine specific details in the goods before completing the sale, or may not give the specific details in the event of general goods or in cases where the goods are a part of already determined goods (Jennifer & Donald, 2007:136). The capacity to enter into a sale contract in most legal systems across the globe depends on the prevailing rules pertaining to the capability of the buyer to bear liability for their actions. The seller has to be conscious of the age of the buyer, their mental sanity and sobriety at the time of sale in order to ensure that they are legally liable for their actions.   Although the sale contract must not be in writing for it to be binding, it is prudent that the it be in writing in order to avert any cases of vagueness and changes in the terms of sale agreed upon. Issues such as delays in delivery, changes in market prices, changes in the quality of goods agreed, the need to return goods owing to alteration in descriptions or whether the goods can be returned can only be effectively resolved if there is a written agreement upon which reference can be made (Sally, 2004:34). Such contracts put in writing may include such aspects of implied terms as: 1. The right of the seller to offer the goods for sale and that they are not subject to any security interests and that the buyer can quietly enjoy the goods. 2. In the event of sales made based on description, the good have to adhere to the descriptions or according to samples agreed upon by the parties. 3. The quality of the goods is satisfactory as agreed unless the buyer gets a notice of any alterations prior to completing the sale. 4. The seller will maintain the fitness of the goods at a reasonable level for the purpose implied or expressed by the buyer. Legal systems in the United Kingdom, like in most of other European countries, recognise both the expressly stated and implied sale contracts, although it gives more credit to the written agreements over the oral contracts. For the written contracts, both parties have to append their signatures on the contract in order for them to be legally binding. Generally, such contracts are final although there can be modification to the original contract if the buyer and the seller come to an agreement to that effect. In the event that any of the parties disagrees, the sale pact should remain as it was in the commencement of the ...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Sale of Goods Contracts Essay Example | Topics and Well Written Essays - 1500 words”, n.d.)
Sale of Goods Contracts Essay Example | Topics and Well Written Essays - 1500 words. Retrieved from https://studentshare.org/law/1437814-discuss-to-what-extent-the-above-statement-is-true
(Sale of Goods Contracts Essay Example | Topics and Well Written Essays - 1500 Words)
Sale of Goods Contracts Essay Example | Topics and Well Written Essays - 1500 Words. https://studentshare.org/law/1437814-discuss-to-what-extent-the-above-statement-is-true.
“Sale of Goods Contracts Essay Example | Topics and Well Written Essays - 1500 Words”, n.d. https://studentshare.org/law/1437814-discuss-to-what-extent-the-above-statement-is-true.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Sale of Goods Contracts

International Sale Contracts

Some general rules have been laid out, in reference to the passing of property from seller to buyer, in accordance with Sections 18 and 19 of the Sale of Goods Act of 1893. Section 18 of the Act is specifically concerned with the ascertainment of the goods, such that they are earmarked by the Seller to demonstrate his intention to use the goods to fulfill the contractual terms.

In the case of Re Wait4, the buyer paid an advance fee for a shipment of 500 tons of wheat out of a bulk shipment of 1000 tons. However, when the seller went bankrupt, the question that arose was whether the Buyer had the right to the property, having paid for it. The Court held that he did not because those 500 tons were still a part of the bulk...
14 Pages (3500 words) Case Study

Legal Aspects of Commercial Contracts

In addition, the working day could not exceed eight hours. Moreover, individuals working in the night shift had to be provided with free health assessments. Further, every worker was to be permitted an eleven hour rest period daily (Hardill, 2002. P. 66). In addition, there had to be a one day break from work per week. Furthermore, if the number of working hours were in excess of six hours per day, then the employer had to allow a rest break during the working hours. Finally, it was specified that every worker was entitled to four weeks of paid leave per annum (Employment Matters, 2007).

At the time of his employment, Ben was seventeen years. All the same, he was made to work for more than forty hours a week. In additio...
6 Pages (1500 words) Case Study

Competition in ICT Goods Services

...Can competition alone produce the best outcomes for consumers of ICT goods and services? if not why and where is regulation necessary? The question of placing faith on the concept of competition alone to maintain principles of free-trade as well as serve the consumers well has been a subject of much debate. The divergent trends in various parts of the world economy and the associated promise of social equality need be taken into account in this discussion. This is particularly relevant in the United Kingdom, where Information and Communication Technology (ICT) goods and services are increasingly becoming key contributors to the GDP. Here, powerful and state-of-the art digital technology is being integrated into the marketplace, making...
8 Pages (2000 words) Coursework

The Police and Criminal Evidence Act 1984, the Sale of Goods Act 1979

Section 58 of PACE requires the custody officer to specify the reason behind the detention to the detainee; and section 31 of Code C, makes it mandatory for the police to inform the detainee about his rights. Section 56 of PACE 1984, requires a person close to the detained person to be informed of such arrest and detention. This right ensures that the detained person is not deprived of communication. In our case, Roy’s detention was not informed to his father, despite his repeated insistence, and this rendered him incommunicado; which makes his detention unlawful.

In our present problem, Roy had been arrested by the police on the basis of indistinct CCTV images. Furthermore, it is very difficult to identify the i...
8 Pages (2000 words) Assignment

The Sale of Goods Act

The goods purchased in contracts should be of satisfactory quality as established by Section 14(2) of the Sale of Goods Act. However, this statutory requirement is applied to goods sold in the normal course of the business. In addition, goods supplied in contracts should have satisfactory quality and should be reasonably fit for the purpose for which the buyer had bought them.
Goods supplied must conform to their original description made at the time of entering into the contract. These requirements benefit the buyer and the supplier will be held liable if these requirements are breached. Essentially, the Sale of Goods Act ensures that the goods supplied must be of satisfactory quality and this requirement applies to the sale...
11 Pages (2750 words) Case Study

Way in Which the Courts Approach Questions as to the Formation of Contracts

Within the contract, it was stipulated that the contract could only be terminated by the supplier if the distributor failed to order at least the minimum quantity. The contract gave the defendant the exclusive right to distribute the booties within the UK. Several years after the contract was entered into, the plaintiff asked the defendant to extend the product range and include booties for children over the age of 2. The defendant stated that the range would only be extended under a license agreement, and so the plaintiff began manufacturing its own range of booties for older children. The defendant argued that the plaintiff was marketing the shoes in a manner that traded on the goodwill of their company and they sought to termin...
6 Pages (1500 words) Essay

Variety of Business Contracts

... degree of risks (Burrows, 2009). A good example of an aleatory contract is a contract of insurance where the parties assume different degrees of risks. Case 2: LO1 b,c,d 1. Effect of George’s Letter to Eric George’s letter to Eric constitutes an offer whereby George expressed the terms that he is willing to be bound. According to the count in the case of Smith v. Hughes5, the important thing when it comes to making an offer is the reasonableness of the situation and where the situation proves to be reasonable, the offer is said to be valid. In our case, George is an antic dealing and Eric is a well-known collector. The parties have entered into a sales transaction before so we can safely assume that the parties are already familiar...
8 Pages (2000 words) Case Study

Psychological Contracts, Effective Communication, Mentoring, Professional Development, Performance Assessment, and Health Concerns of Workers

...Leading and Managing Teams Table of Contents Psychological Contracts…………………………………………………………………..2 Effective Communication……………………………………….…………………………3 Leadership………………………………………………………….…………………………3 Mentoring……………………………………………………………..………………………..4 Motivation……………………………………………………………..……………………….5 Professional Development…………………………………….…..………………………..6 Performance Assessment…………………………………………..………………………6 Health Concerns of Workers……………………………………………………………….7 References…………………………………………………………………………………….8 The cliché that change begins with oneself has rung true for me as a school business manager. Recognizing my own need for the improvement of my time management and organization skills has not only benefited me but my whole administrative team as well...
10 Pages (2500 words) Literature review

Validity of Electronic Contracts from an Islamic Perspective

The advancement of technology and the subsequent rise in the use of the internet has brought about radical transformations in the corporate world and changed the dynamics of the marketplace as a result. There has been a significant rise in the number of potential buyers and sellers online. According to available statistics, there are currently over 245 million internet users in the U.S1 and this trend has been observed in several developed as well as developing countries across the globe. According to the Census Bureau of the Department of Commerce, there is likely to be a rise in the U.S. e-commerce sales for the year 2012 to the tune of $53.2 billion2.

The statistics indicate that more and more businesses, as well as...
38 Pages (9500 words) Research Paper

Sporting Goods Store

... the job, we can get more sales and more profit. You just have to realize that your department is the strength of the Store and together, we can achieve it. Consultation Tactic Bill: Sally, what do you think, where is the problem? Why aren’t we getting good sales in the Ski Department? What are the problems in the rest of the Departments? Let’s discuss together. Personal Appeal Tactic Bill: Sally, I am requesting you to please concentrate on the job instead of distractions. It is my personal appeal to you, that by avoiding the distractions and attending the customers with enthusiasm, we are going to get better sales and profit. Rational persuasion Tactic Bill: Sally look, because you are not concentrating on the job, instead you waste...
15 Pages (3750 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Sale of Goods Contracts for FREE!

Contact Us