Lesson 14

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

• 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
  Delivery
  Prices and payments
  Warranties
  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 http://www.companieshouse.gov.uk/about/gbhtml/gba8.shtml
  
  Mortgage by demise vs mortgage by charge
  http://en.wikipedia.org/wiki/Mortgage#Mortgage_by_legal_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.