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Commercial Law Assignment: Law Assignment

   

Added on  2020-06-06

14 Pages4825 Words41 Views
COMMERCIAL LAW

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK...............................................................................................................................................11. History of evaluation of law...............................................................................................12. Related laws (sales and goods act 1979 section 16 to section 21).....................................53. Related cases......................................................................................................................74. Compare and contrast the laws...........................................................................................85. Implementation of laws......................................................................................................8CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONContract of sales of goods has been considered as transfer of property of goods fromseller to customer. For the same purpose, both parties come in contractual relationship with eachother and frame legal written agreement. In transfer of property of goods ascertained and specificgoods must be considering. Sales of Goods Act 1979 is the act which is able to define legalauthority of both seller and buyer. They are bound to fulfil their legal obligation which areimposed on them. The present report is based on specific and ascertained goods. These types ofgoods are easily identified at the time of sale of contract. Buyers are responsible to identifygoods at the time of legal agreement. According to this act, sellers are bound to deliver the bestor better quality of goods and services to buyer in order to attract them and try to keep for longtime. Various types of rules and responsibilities of both consumers and sellers are mentionedunder the act which they have to fulfil in an effective manner1. Sellers are bound to maintainsatisfactory quality of goods. The main purpose of this act is to fulfil the needs of both buyersand sellers. According to this act, consumers are free to consume goods whatever they want andsellers are free to deliver those in which they receive better returns and get opportunities to earnprofit. Products must be fit for the purpose of customers. They have to provide proper knowledgeabout the actual situation of goodsTASK1. History of evaluation of lawSales of Goods Act 1979 is the act of commercial law2. In this, two parties come incontractual relationship with each other in order to fulfil their legal obligation. For the samepurpose, they file written agreement with each other. In which sellers deliver goods and servicesto buyers in order to satisfy their needs and protect their interest as well. Both parties are1Whaley DJ, McJohn SM. Problems and materials on commercial law. Wolters KluwerLaw & Business; 2016 Mar 20.2Taylor PJ, Hoyler M, Evans DM, Harrison J. Balancing London? A preliminaryinvestigation of the “Core Cities” and “Northern Way” spatial policy initiatives usingmulti-city corporate and commercial law firms. European Planning Studies. 2010 Aug 1;18(8):1285-99.1

responsible to fulfil their legal obligations in order to comply with the law. Only the real owneris able to transfer better title to another person. So that, they are responsible to transfer title overgoods and services3. According to this act, there are two parties involved in this process calledseller and buyer. Thus, seller is person who wants to sell products and services at specific priceand try to satisfy needs of their customers. On the other side, buyer is the person who wants topurchase goods and services at reasonable price and buy products according to their taste, natureand preferences. Sellers are responsible to deliver the best quality of products and services topeople for the purpose of satisfying their needs and demand. There are various types of rightsand duties available for both the parties. Furthermore, consumer having right to reject the goods and receive amount ofcompensation equal to damages caused to buyer. As in that case goods are not able to descriptionwhich is provided by customer at the time of placed an order for particular goods and services4.Also they can file case against seller in the case of non-delivery of goods. According to the rulesof this law sellers are responsible to deliver with in stipulated time period and offer best qualityto them. It is the legal obligation which is imposed on them as per rule of law. At the time ofnon-acceptance of goods seller having right to file case against buyer for the purpose of recoveramount equal to damages caused to them. Also the contract of sale is accepting on the basiscredit sale. In the credit system buyers are responsible to made payment in the form of equalmonthly instalments for the specified period. But customers have to provide payment accordingto their legal agreement which is based on credit payment5. If in case, they refuse or failed to made payment then seller having right to lodgecomplaint in order to receive amount of instalments. But during such payment title is nottransferred to buyer. After made complete payment the title should be delivered to buyer. Onlythe real owner having right to comes in legal agreement with another person and sign written3Coyle JF. Rethinking the Commercial Law Treaty. Ga. L. Rev. 2010; 45:343.4Mäntysaari P. Organising the firm: theories of commercial law, corporate governanceand corporate law. Springer Science & Business Media; 2011 Sep 18.5Saleem MY. Islamic commercial law. John Wiley & Sons; 2012 Nov 9.2

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