Management and Organizational Studies 2275A/B Lecture Notes - Lecture 9: Secured Creditor, Price Fixing, Going Concern

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Does not apply to intellectual property, real property (houses, land), services, leases, licenses (i. e. windows license) Sales of goods act: implies terms into sales contracts. Conditions essential terms, remedy for breach is termination of contract and suing for damages (refund + damages) Using it as something not for intended purpose cannot prove breach of condition. Remedies: repudiation breach of a condition, innocent party (buyer) can terminate contract and/or sue for damages, damages breach of warranty, can only sue for damages. Controlled business practices: applies to services (not just goods, duty to warn of product hazards, prohibits false/misleading claims, direct (door-to-door) sales, time shares, fitness clubs, used cars, multi-level marketing, debt collection. Anti-competitive practices only illegal if they lessen competition: price fixing, bid-rigging, abuse of dominant position, predatory pricing, refusal to supply, tied selling, fake sale prices. Creditor strategies: repay: collateral/security, guarantees, good credit granting policies think like a bank, strongest creditors.