Management and Organizational Studies 2275A/B Chapter Notes - Chapter 23: Good Machine, Incoterms, Reasonable Person

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

Document Summary

Differentiate between law of the sale of goods vs. consumer protection and competition law. Understand the principles that govern the sale of goods and the impact of sale of goods legislation. Understand the effect of implied conditions and warranties on sale of goods transactions. Understand how businesses use standard shipping terms to manage risk. Understand when title will transfer from a seller of goods to the buyer. Understand remedies for breach of contract in regard to sale of goods. Laws affecting sale of goods: common law principles of contract, tort law. Contract of sale: legal foundation for every sale of good transaction. Foundation of common law concerning goods: caveat emptor: let the buyer beware or let the buyer take care: caused unfair results causing principles to be further developed principles became statutes. Protects buyers by implying terms into contract for the sale of goods. Gives buyers remedies depending on type of term breached (conditional or warranty)