BUS 018 Lecture Notes - Lecture 15: Invisible Hand, Barter, White Spot

• School: College of The Sequoias
• Department: Business (BUS)
• Course: BUS 018
• Professor: Baiza

Document Summary

Depends on the purpose for which the goods will be used. If i go to home depot and get a coffee maker for my home, that"s a consumer transaction. Sale of goods act would apply in this transaction. But if i got the coffee maker for my office lunchroom, the sales of good act would not apply after negotiation. One of the arguments for: minimal bargaining power, need protection, we want consumers to be involved in the marketplace. In the real world, the invisible hand doesn"t work. The 19-year-old entrepreneur who buys something for her business, with no post-secondary education, no knowledge of the law and no knowledge of contracts etc. Phil king is a consumer, he"s entitled to protection. Consumers can be far more sophisticated than business people. 3 components: implied terms, transfer of title, remedies. Sale of goods act only applies with a sale of goods.