Flashcards in Horse Trading Deck (15):
When constructing a legal document, what should the document include?
Purpose of doc. (e.g. sale of horse)
Price & terms of sale
Risk of loss
acknowledgement of risk or injury or death to buyer
List some contractual warranties?
horse is sound
free from vicious traits
a grade jumper
-determined by fact. "as is w/ no warranties regarding future performance' is good
A breach of warranty does not give the purchaser the right to return a horse unless:
vendor was guilty of fraud or there was a such agreement
What is risk of loss? example?
Effective from the DATE the buyer assumes all responsibility and liability for the horse.e.g. horse dies before you pick it up
What does "with all faults" mean?
Horse is presented as is w/ all faults. Purchaser cannot complain about faults after purchase
Legal definition of a sound horse?
A horse that is fit for any purpose
Soundness relates to?
What is gazumpi?
2nd offer to buy horse after 1st person has said they would =>sells to 2nd person.
What is an example of indemnity?
you are aware you are buying a dangerous animal
responsibility of the horse's wellbeing is passed to someone else (DOC still applies). Owner of land/facility responsible for horse
What should an agistment contract include?
health status of horse
standard of management required
fees & payment schedule
identify landholder, all horse owners
identify horse(s) to be agisted
Define grazing rites
like renting a paddock.
The responsibility of the horse stays w/ the owner. AKA livery
What is lien?
right to retain goods to secure payment.
Is NOT automatic w/ agistment or livery. Automatic if a horse's value improves (e.g. goes in foal)
Does not allow you to sell animal for unpaid adjistment
What is the principle for making options of payment?
Keep It Simple, Stupid