Summary Business Organisation & Law, chapter 4 - $5.53   Add to cart

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Summary Business Organisation & Law, chapter 4

Definition of a contract of sale Sale: “the agreement under which one of the parties undertakes to deliver a thing and the other party to pay a price in money in return”. As such sale is a reciprocal contract. The seller commits to handing over an object and the buyer commits to paying the price. Both have an individual obligation. Good are things and property rights. A thing is a physical object (tangible) which is subject to human control”. Things are further divided into: 1. Movable property; all things which are not immovable 2. Immovable property; the ground and everything which is permanently joined to it (buildings, plants)

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