MCS 3040 Chapter Notes - Chapter 23: Caveat Emptor, Consumer Protection

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joe Radocchia

Document Summary

Laws affecting sales are common law principles of contract and tort law. Protect the parties to sale of goods transactions, mainly buyers. Protect consumers from unfair selling and marketing practices. One purpose of business law is to promote trade and commerce. Caveat emptor: let the buyer beware or let the buyer take care. Common law rules goods sold would be reasonably suitable for the purpose for which they were intended for and would be reasonable quality. Bill of lading: shipping document that serves as a contract between the seller and the carrier: provides evidence that the goods are transferred to the carrier, shipping arrangement- fees, delivery time. 2: stoppage in transit: right to a seller to demand that goods be returned by a shipper to the seller provided the buyer is insolvent. Cost insurance freight: terms making the seller responsible for shipping.