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SS2: COMMERCE - 3RD TERM

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  1. Business Law | Week 1
    5 Topics
    |
    1 Quiz
  2. Agency | Week 2
    7 Topics
    |
    1 Quiz
  3. Sale of Goods | Week 3
    5 Topics
  4. Rights of an Unpaid Seller and Buyer, Hire Purchase | Week 4
    3 Topics
    |
    1 Quiz
  5. Rights and Obligations of Employer and Employee | Week 5
    1 Topic
    |
    1 Quiz
  6. Government Regulation of Business | Week 6
    1 Topic
    |
    1 Quiz
  7. Structure of Business | Week 7
    3 Topics
  8. Organizational Structure Cont'd | Week 8
    2 Topics
  9. Span of Control | Week 9
    4 Topics
    |
    1 Quiz
  10. Introduction to Business Management | Week 10
    4 Topics
  11. Business Organizational Units | Week 11
    1 Topic
    |
    2 Quizzes



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Lesson 3, Topic 2
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Features of a Contract of Sale of Goods

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1. There must be an agreement to transfer property in goods.

2. The property may be transferred immediately or it may be agreed to be transferred later.

3. There must be a buyer and a seller.

4. There is money consideration called the price.

Formalities 

A contract of sale may be made orally, or may be implied from the conduct of the two parties from the conduct of the two parties. It can also be in writing or partly in writing with or without seal.

Elements of a Valid Contract of Sale

The sale of goods Act specifies that two important elements must exist in a contract of sale; namely: 

1. Goods

2. The price (monetary consideration)

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