These notes summarise the contract of sale as set out in the prescribed textbook "Commercial Law" by Nagel et al. Elements included such as the essentialia (intention to buy and sell, agreement on object sold, agreement on purchase price) and the specific elements under each of these.
, Inflationism
'
Introduction to the law of Purchase 4 Sale
contract of sale : specific ,
nominated . recipricol agreement buy / sell
2
↳ seller has intention 2 deliver determined determinable obj .
buyer has intention 2 determined / determinable amt
pay
to .
↳ essential Iq 5 reqsof contract .
Intention of seller 2 { 2
i. sell
buyer buy .
2.
Agreement on
object sold
Agreement monetary
3. on
purchase price exchange .
Contract of Lease 6 ownership transfer 2 lessee
Temporary
:
pay
×
,
( sale term bound )
periodically .
is not
contract of Exchange
: 1-
obj exchanged 4 another contract of sale =
exchange
of amt 4 obj Ownership transfers
monetary
various objs .
. on
delivery of
to seller × hv 2 be owner ,
but hv 2 transfer all
rights Cuse ,
enjoyment , disposal ) .
contract of sale if ownership transferred
be Diff of contract
✗
type
✗ →
may
↳ . .
↳ Mere conclusion of contract of sale ✗ result in transfer of ownership .
•
need intention 2 transfer ownership .
4
delivery mustpayment
•
•
seller be owner .
↳ Intention 2
buy/sell .
6 disposal
of of undisturbed
enjoyment
2
↳ Intention parties deliver
rights use ,
2
buyer .
to
Object sold
description 2 null G void
consensus
vague
• > = .
•
determined determinable @ ① of conclusion .
•
moveable / immovable material immaterial
; .
merchantable > can sell
commercially
•
.
& restraint of 29h w/ bus as valid
can sell
goodwill trade
thing sold
•
.
↳ Diff obj sold :
•
Future things objs :
>
only determinable @ ① of conch of contract in terms of certain specifications occurrence of
certain event . If met event occurs thing becomes determined .
Emptio future
rei seperatae thing sold be det by weighing counting in 5 sells next
> =
can .
@ Rao / bag harvested 4
seasons crop 2 B =
determinable det once , weighed bagged .
chance ) fixed / det
"
>
Emptio spei :
aleatory sale
"
( buying a , obj sold =
.
as soon as contract
concluded .
5 sells nxt season's whole crop 2 B for lump SUM of RIOO 000
of whether materialise Mil
regardless crop × If harvest RI still get RIOO 000 ect
.
> .
Generic sale obj indicated general ( part of genus ) & only individualised later
> -
in .
Det
after individualisatin > ect if hv 100 lambs & sell 20 which 20 ?
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