TRANSFER OF OWNERSHIP OF GOODS Flashcards
1
Q
What is ownership?
A
The entirety of powers of use & disposal allowed by law
2
Q
Transfer of ownership of sale or goods may involve 3 elements;
A
- Transfer in title (who actually owns the property)
- Transfer in risk (who is responsible for property)
- Transfer in possession (who has the physical item in their possession)
3
Q
Supply of Goods Act 1979?
A
- Applies to all contracts for the sale of goods.
4
Q
S2 - Contract of Sale?
A
- Contract = goods sold for a price
- Contract = can be absolute or conditional
- If to take place later or subject to conditions = Agreement to sell
- Agreement becomes sale once conditions are met.
5
Q
S3 - Capacity to Sell?
A
- Regulated by general law
- Where goods are sold to a minor or person of mental incapacity or drunkenness, he must pay a reasonable price
6
Q
S4 - Contract can be?
A
- Agreed;
1. Orally
2. Written
3. Part orally part written
4. Implied by conduct
7
Q
S5?
A
- Act refers to latter category as future goods
8
Q
S6?
A
- Perished goods w/o knowledge of seller prior to contract being made = contract void.
9
Q
S7?
A
- Agreement made, but before risk transfers the goods perish = contract void.
10
Q
S16 - Contract of Sale for Unidentified goods?
A
Ownership does not pass until goods are identified
11
Q
S17 - Property Passes when Intended to Pass?
A
- Ownership passes to the buyer at time agreed or intended by parties taking into account the contract terms
12
Q
S18 - Rules for Ascertaining Intention?
A
13
Q
S20 - Passing of risk
A
- Title in goods will pass from seller to buyer at time specified in contract
- If contract is silent on that point, title passes on delivery
- Ownership of goods may bass to buyer before seller has received payment.
14
Q
Retention of Title Clause?
A
- Avoids risk of not being paid
- Title of goods does not pass to buyer until seller paid in full
- Romalpa clause from case of Aluminium Industrie Vassaan BV V Romalpa Aluminium 1976.
