Chapter 5: Sale of goods and services and customer protection Flashcards
specific and ascertained goods
goods identified and agreed upon at the time of the contract (specific painting)
unascertained and generic goods
are not unique or identifiable at the time of the contract (bags of coal to be taken from a batch of coal)
Ex Works (EXW)
buyer has max liability and seller has min liability –> risk passes on the notification for collection
Free on Board (FOB)
shipping cargo: once the seller has delivered goods over the ship’s rail, the risk of damage to those goods is for the buyer
romalpha
(retention of title) seller retains ownership of the goods until they are paid for in full, but the buyer is allowed to take possession of the goods –> if the buyer does not pay in full, the seller is allowed to take back possession. risk of loss or damage is still with the buyer!
general product safety regulations
no producer shall supply or place a consumer product on the market unless the product is safe
trade description legislation
imposes criminal liability for a false description of goods or services
specific goods in a deliverable state
ownership passes when the contract is made
not in a deliverable state
goods are made in a deliverable state and notification has been given to the buyer
action must be taken to ascertain their price
when action is done and buyer is notificated
when goods delivered subject to approval
when approval is given or the time for the return of the goods is expired
for unascertained goods
ownership passes when the goods are ascertained
