Lesson 14

20/11 Lesson 14
From ILE Course book:

pp. 122-123 Terms and conditions of sale. ex. 6-7

key terms:
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 or other 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 debt or other obligation that passes ‘property’ but no right to possession to the person to whom the mortgage 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.

Extra practice: prepositions in legal English