Management and Organizational Studies 2275A/B Chapter Notes - Chapter 23: The Seller, Implied Warranty, Caveat Emptor

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

Document Summary

To protect the parties to sale of goods transactions, particularly buyers: if businesses decide to sell internationally, they may be subject to the laws. To protect consumers fro unfair selling and marketing practices of other countries. The sale of goods: one of the purposes of business law is to promote trade and commerce. The contract of sale: legal foundation for every sale of goods transaction, important aspects of the contract include: The common law: when buyers agree to purchase goods, they typically have expectations. The terms of the contract relating to the sale. The transfer of ownership of the goods to the buyer. The remedies for a breach of contract regarding the attributes and characteristics of the goods: caveat emptor: let the buyer beware or let the buyer take care. Common law requires prospective purchases to care of themselves and be aware of their potential actions.