Below are terminologies associated with contract of sale;
i. Lien: A lien is the right to retain possession of goods (of property belonging to another person) until the contract price has been paid and a debt owed by that person is discharged.
ii. Stoppage in Transit: This refers to the right to stop the goods and retake possession.
iii. Unpaid Seller: A seller of goods is an unpaid seller when the whole price has not been paid.
iv. Contract of Bailment: This is the temporary transfer of property, including cash, from the owner (bailor) to some other person (bailee) to be employed for a specific purpose.
v. Gifts: A gift is a transfer of property without any consideration attached.
vi. Contract of Skill and Labour: If the main purpose is not for the sale of goods but the provision of labour, the contract of sales act does not apply.
Evaluation Questions
- Define Sales of Goods Act
- State three features of Contract of Sale
- Mention two valid contract of Sale
- Differentiate between Sales and agreement to sell.
Responses