Sale of good Act

Question 1

Bailor

Answer 1

Owner

Question 2

Bailee

Answer 2

Possesor

Question 3

Gratutious Bailment for the benefit of the bailee

Answer 3

all reasonable percautions

Question 4

Bailment for value/ Bailment for reward

Answer 4

Industrial standard

Question 5

Gratuitous Bailment for Benefit of the bailor

Answer 5

a level of car a reasonable person takes of his or her own goods

Question 6

Sale of Goods act

Answer 6

Rule #1 Unconditional contract with a sale of specific good in a deliverable state title transfer on contract

Rule #2 Unconditional contract of specific good not in a deliverable state titles transfers when it is put into a deliverable state and buyer is notified

Rule #3 Unconditional contract for specific goods that require weighting test or grading title transfers when done and buyer is notified

Rule #4 Goods on Approval title transfer when

a) buyer signifies with approval
b) when buyer retains the good on preset or reasonable time

Rule #5 Unascertained or future good
1) title transfers when good is allocated or set aside
and
2 a) Buyer ascents
b) the good is delivered to a third party courier

Question 7

Vendors Lien

Answer 7

Even if someone becomes owner of item if not paid you can gold item

Question 8

2 types of terms in a contract

Answer 8

condition- an essential term in a contract
has to state its a condition
warranty non essential term
-if breach entitled to damages

Question 9

Implied conditions

Answer 9

1) Good sold by sample will comply with samples
2) goods sold by description must comply with the description must comply with the description and be of merchantable quality
3) Fitness for purpose only where buyer identifies need to seller and relies on seller advise
4) Time for delivery
5) Right to sellr
(payment may not be a conditions)

Question 10

Debt security

Answer 10

Personal property security act

Personal Property security registry

Question 11

Specific security agreement

Answer 11

lists the security being offered by the debt

I.E take a loan out on a car bank can trace it and reposse it

Question 12

General Security Agreement

Answer 12

pledge everything

demand - crystallization -right to take everything at the moment

Question 13

Realization of security

Answer 13

notice of intention to enforce security

Question 14

seizure by baliff

Answer 14

after seizure you have 21 day redemption period if failed baliff sale
1 cost
2 debts/interest
3 surplus to others
(Owner is responsible for shortfall)
Exception seize or sue rule -consumer food they choose to seize your stuff or sue you