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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 5
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Terminologies Associated with Contract of Sale

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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

  1. Define Sales of Goods Act
  2. State three features of Contract of Sale
  3. Mention two valid contract of Sale
  4. Differentiate between Sales and agreement to sell.

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