The issue in this case is whether the risk of destruction and deterioration had passed onto Bagio, the buyer, or remained with ProformAgric, the seller.
Generally, risk and benefit pass to the buyer on transfer of possession and ownership (assuming these occur simultaneously). The general rule is that the risk and benefit pass to the buyer as soon as the sale is “perfecta”, meaning that the agreement is unconditional and the identity, quality, quantity and price of the thing sold are certain readily ascertainable. Because contracts vary, parties can expressly agree that risk and benefit will pass either before or after delivery. Nugent AJA in Islando Foods v Fedgen Insurance opined that the general position of the law was that risk passed to the buyer once the contract had been ‘perfected’, even where delivery had not yet taken place. However, the risk envisaged was the risk of damage through no fault of the seller, that is, the risk of damage by vis major, casus fortuitus or third party damage- not the risk of damage by a negligent seller.
In the scenario involving Bagio, the sale...
materials.) A vendor is not an owner if it did not own the property at the time
First, when a creditor (ICE) extends credit to a debtor (Top Quality) and takes a security interest in some property of the debtor, Top Qualities inventory in this case, it is called a secured transaction. The inventory is then considered collateral for the financing that ICE provided for Top Quality, which was made clear in the financing statement that ICE filed. Any secured transactions where personal property is used as collateral is governed by Article 9 of the Uniform Commercial Code. The UCC was revised in 2001 to better adhere to modern times, and since this case took place from 2007 to 2009, we will be applying the revised edition. There are many sections of Article 9 that should be considered when examining this case. First, the filing of a financing statement, form UCC-1 in Article 9, should be confirmed as filed with the appropriate state office. Once this has been done, confirming the attachment of Top Quality’s inventory to ICE, we can then look to confirm that the initial sale to Chrisman was paid in full to Top Quality, which it was. If this were not the case, ICE would be entitled to the remaining sale proceeds. Now we move on to the requirements of a buyer in the ordinary course of business, per Article 9 of the UCC. According the textbook, “A buyer in the ordinary course of business who purchases goods from a merchant takes the goods free of any perfected or unperfected security interest in the merchant’s inventory, even if the buyer knows of the existence of the security interest” (Cheeseman). The textbook then continues to explain that this rule is necessary because buyers would be reluctant to purchase goods if the merchant creditors could recover the goods if the merchant defaulted on the loans owed to secured creditors. These statements come from the Revised Article 9, section 320(a). This is based on the idea that the buyer purchases in good faith, meaning that they are
Liability in restitution with disgorgement of profit is an alternative to liability for contract damages measured by injury to the promisee.” (2011)
On the 1st of October in the year 2017, the defendant, in this case, the supermarket was found liable for the case Susan injury in the supermarket's premises. The hip injury on Susan’s hip which was a result of the slipping over a squashed banana. The presence of the squashed banana in the premises was an outright sign of negligence and recklessness by the supermarket's staff. (Damage law)
1. Define the terms takings as it relates to the environmental law and provide one example of a legally resolved taking case.
It is highly unlikely that a court would find that Billy Jean owed Donald and Co a duty of care to avoid the purely economic loss. Pure economic loss is described as financial, monetary loss generally attributed to ‘damage’ to an individuals ‘wallet’. For a claim to be valid and considered the steps to pursue a cause of action in negligence must be followed, the first of which is establishing a duty of care owed, in this case by Billie Jean to Donald & co. In this case it is found that no duty of care is owed and thus no claim for compensation can be lodged. In an attempt to establish a duty of care the plaintiff must be deemed vulnerable under the salient factors, the plaintiff being Donald & Co which in this case are not vulnerable. This characterisation of non-vulnerability is derived from the class of sale of the property as well as numerous general assumptions as to the experience of Donald & Co. It is expected under the assumption of Caveat Emptor as well as for the magnitude of purchase that Donald & Co have access to the building records and history of inexperienced builder Billie Jean as well as the financial status of
The issue here is whether there was a valid contract between buyer and seller. If this case goes to the court, who is likely to succeed. By assuming that the buyer prevails in his lawsuit against seller, what damages buyer is likely to receive when:
In this essay, I will be talking about legalism. Legalism is a political philosophy, in other words, an absolute monarchy. I chose this philosophy because it has a different logic, and it is harder to understand than the other beliefs. I have come up with three main points to explain Legalism the best way possible.
She can also provide instructions to send the goods back during their transport. Even when the buyer becomes insolvent, an unpaid seller has a right of stopping the goods in transit.
value is deducted from his own property, the rest of which is handed over intact to his
Obeying by the natural law theory is the only true and moral way to live life; especially a life lived in God’s image. God’s presence is a guiding factor to obtaining a moral and virtuous life, which can only be obtained by following the natural law theory. God created a set of laws as a supreme guide for humans to live life, like any law these laws were created to ensure wellbeing for everyone. The laws he created are the civil law, the natural law and the divine law God created them from a law much superior than the rest, one which only God himself has the knowledge of, the eternal law. Humans actively participate in the eternal law of God by using reason in conformity with the Natural Law to discern what is good and evil(Magee 1). Of these laws the natural law is the most vital, the natural law uses nature as a guide to morality and humanity, to decipher the right from the wrong, and the moral from the immoral. “ natural law theory is a theory about the relationship between morality and human nature, the theory that who we are determines how we ought to act”(Holt 1). Nature is a definitive guide to use when deciding what is appropriate and how God would want life to be lived. Natural law is used by using reason to develop knowledge of life and oneself. The natural law theory is the only way to attain a moral life and can be proven as a valid theory when the existence of god is proven, the explanation of nature being a guiding factor to morality is explained, and proving the theory with examples of how the ethics are applied.
under a contract of sale the property in the goods has passed to the buyer and the buyer wrongfully neglects or refuses to pay for the goods according to the terms of the contract, the seller may sue him for the price of the goods.
The liability arises right from the beginning. The surety becomes liable when the principle debtor commits default in meeting the liability.
The term ‘freedom of contract’ is defined as: ‘axiomatic within the classical view that free dealing is fair dealing’ by Lord Devlin. The doctrine provides liberty to anyone who wishes to enter a contract, granted they hold the legal capacity to do so. However, the doctrine is largely criticised for the inequality which it may encourage, since not all parties involved hold the same level of power when entering a contract, leading to the possible infliction of damage upon the disadvantaged party. This is more commonly referred to as the inequality of bargaining power, which is the principle discussed in Lloyds Bank Ltd v Bundy. The transition from the nineteenth century into the late twentieth and early twenty-first century has seen a change
In this case, the property will be the grant recipient after the death of the giver. However, after the death of the recipient, giving the property will be returned to the giver. Some scholars Hanbali, Imam Malik, Imam Al-Zuhri, Abu Tur and others as well as an earlier opinion (qawl qadim) Imam Shafi'i view that the grant umra is a must and conditions are valid if the giver does not mention that grants of property will be owned by the heirs after the death of the recipient of the grant recipient. Therefore, the grant will be returned to the estate of the donor after the death of the recipient. In addition, the majority of contemporary scholars can also accept the implementation of ruqba and umra in the takaful