Flashcards in Lecture 7 Deck (34)
what is a contract for the SALE of goods?
one in which a seller transfers or agrees to transfer the ownership (property) in goods toa buyer for amoney consideration called the price
what is personal property?
goods, items, chattels
what are the two significant elements for a sale of goods
1) the element of ownership (equals the risk of loss)
2) the element of possession
when does the buyer become the owner?
the moment a contract is made
what are the terms of an agrement to sell?
-if the contract is made to be at a later time
-the seller retains ownership until something happens that they transfer ownership to the buyer
-is there is no payment of money than it is not a sale of goods, and is not classifed under teh statute of sale of goods act
what is the consideration in a sale of goods?
-always the payment of money and this makes it fall into the contract for sale of goods
what is bailment?
deals with storage, you give up possession but you keep the title and don't intend to give up title
you get possession but not ownership, if you don't bring it back in time it can be called theft)
give up possession to someone to sel your trailer but you also give them the right to pass the title on should they make the sale
possession switches hands multiple times throughout the move (e.g. hiring a moving company)
trading, there's no exchange its not a contract for sale of goods it's a barter contract
what is unascertained?
goods that are unidentifiable
ones that you can put your finger on and identify
how to determine if its a sale or an agreement to sell?
look to the nature of the goods being sold, by the nature we're asking are the goods unascertained or specific?
in a contract for sale of specific goods when does the ownership (title) in the goods pass from seller to buyer?
when the parties by the contract intend them to pass ownership
when does title pass for a sale of contract for unascertained goods?
no title passes, ownership remains with the seller
what are the three rules for when ownership transfers within the sale of goods act?
1) where there's an unconditional contract for a sale of deliverable goods, the ownership transfers from teh seller to the buyer the moment a contract is made. It is immaterial (doesn't matter) whether the time of payment or the time of delibery is postponed
2) where there is a contract for a sale of specific goods. and the seller is bound to do something to the goods, for the purpose of putting them into a deliverable state. The tite title does not pass until that thing be done, and the buyer has notice thereof
3) where there is a contract for a sale of specific goods in a deliverable state, but the seller is bound to weigh, measure, test, count, or some other act or thing with reference to the goods. For the purpose of acertaining the price the property does not pass until that act or thing be done and the buyer has notice thereof
when is a sale of auction complete?
when the auctioneer announces its completion by the fall ofa hammer or another customary manner, until an announcement is made a bidder may retract their bid
what is a conditional sales contract?
one in which seller gives up possession and retains title until payment in full has been made
when is a financing statement deemed perfect?
when its been made and filed
what is the personal property security act?
in order for an unpaid seller to repossess goods it has to be in the possession of the original buyer. if the buyer sold it to an innocent buyer (innocent buyer known as bona fide) no knowledge of any defect of the sellers right to sell him the goods)
-to be able to repossess from an innocent buyer must register security (lien) agreement at the PPSA (Regina) prior to the first sale to an innocent buyer taking place
what is caveat emptur?
what is Nemo Dat Quod non Habet
you cannot give what you do not have
what does chattel mortgage mean?
chattel = personal property
mortgage = agreement
limitation of civil rights act
relates to personal property and real property and security agreements.
outside of a security agreement it is your civil right to sue for unpaid money and unpaid amount owing.
what is the law in terms of security agreeements?
limit the act of civil rights. limits the right to the unpaid seller to repossession of hte car and no action to make them repay.
-if bank sells the car for less than I owe, they can't come after me for the rest in thsi province in some provinces. If bank sells the car for more than I owe they HAVE to give the surplus to the buyer
Quit claim deed
meaning this is the date you forgo ownership
Right of redemption
anytime during quitting the claim deed you have the right to pay up your arrears and resume ownership from the bank before foreclosure
the consumer protection and business practices act
a consumer under teh stattue is an individual who participates or may participate in a transaction involving goods or services. This statute does not apply to a private purchase, your own your own in that mattter..