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Sale of Goods Contracts - Essay Example

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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…
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Sale of Goods Contracts
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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 pagesRead More
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