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SS2: COMMERCE - 2ND TERM

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  1. Marine Insurance | Week 1
    3 Topics
  2. Non-insurable Risks | Week 2
    4 Topics
  3. Banking - Central Bank of Nigeria | Week 3
    3 Topics
    |
    2 Quizzes
  4. Types of Account | Week 4
    4 Topics
    |
    2 Quizzes
  5. Warehousing | Week 5
    1 Topic
    |
    1 Quiz
  6. Capital | Week 6
    2 Topics
    |
    1 Quiz
  7. Credit | Week 7
    3 Topics
    |
    3 Quizzes
  8. Profit | Week 8
    2 Topics
  9. Turnover | Week 9
    3 Topics
    |
    2 Quizzes
  10. Business Law | Week 10
    8 Topics



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Lesson 10, Topic 5
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Rights of the Buyer & Unpaid Seller

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Rights of an Unpaid Seller

The seller has the following rights:

1. Right of Lien:  this is the right to retain possession of goods until the price is paid by the buyer.

2. Right of Stoppage in Transit: the seller has the right to stop the goods in transit to the buyer and retain possession until he has received payment.

3. Right to Re-Sell: he has the right to resell the goods where they are of perishable nature.

4. Right to Sue The Buyer for the Price: he may sue the buyer for the contract price if the property in the goods has passed to the buyer.

5. Right to Sue Buyer for Non-Acceptance: the buyer can be sued by the seller for non -acceptance of goods.

Rights of the Buyer

These are the rights of the buyer;

1. He Can Sue For Non-Delivery: the buyer can sue the seller for non-delivery of gods.

2. He Can Sue To Recover Purchase Price; the buyer may sue the seller to recover purchase price paid to the seller.

3. Right To Sue For Specific Performance: he can sue for specific performance

4. Right to Repudiate the Contract: The buyer may repudiate the contract for breach of a condition.

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