mercoledì 21 novembre 2007

Lesson 14

22/11/07 Lesson 14
From ILE text book:

  • pp. 120-121 Introduction to sale of goods legislation ex. 2, 3
  • pp. 122-123 Terms and conditions of sale. P. 11 ex. 11
    key terms:
    express warranty
    warranty of fitness
    implied warranty
    warranty of title
    disclaimer of warranty
    breach of warranty
    warranty of merchantability
    Standard terms and conditions of sale
    Retention of title
    Prices and payments
    Claims and credit
    Indemnification of vendor
    Changes or cancellation
    Language notes
    Peril of loss : risk of loss refer tot situation in whih goods are damages or lost during transportation or through use
    Mortgage vs charge
    A charge is similar to a mortgage: both are security for the payment of a debt. A charge is security for the payment of a debt orother obligation that does not pass ‘property’ or any right to possession to the person to whom the charge is given. A mortgage is security for the payment of a debtor other obligation that passes ‘property’ but noright to possession to the person to whom themortgage is given. A charge must be registered with Companies House to be effective

    Mortgage by demise vs mortgage by charge

  • pp.127- 129 Reading Retention of title clause created a trust, not a charge ex 20, 22, 23, 24
    Language notes:
    Book debts are money owed to a company by its customers
    Secured creditors are creditors who have a charge over the assets of a debtor
    Proceeds sale = A transaction in which funds received from selling a security are immediately reinvested in another security.

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