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  • Fault

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    Raihana Kolee
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    The document defines several legal terms: fault refers to wrongful acts or failure to fulfill obligations; insolvency means lacking funds to repay debts; a mercantile agent represents another person in business dealings with third parties. It distinguishes between a contract of sale, where ownership and risk transfer immediately, and an agreement to sell, where transfer occurs later. For a contract of sale, the sole remedy if the buyer fails to pay is a lawsuit; an agreement to sell allows the seller to sue or resell goods if the buyer fails to take delivery.

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    The document defines several legal terms: fault refers to wrongful acts or failure to fulfill obligations; insolvency means lacking funds to repay debts; a mercantile agent represents another person in business dealings with third parties. It distinguishes between a contract of sale, where ownership and risk transfer immediately, and an agreement to sell, where transfer occurs later. For a contract of sale, the sole remedy if the buyer fails to pay is a lawsuit; an agreement to sell allows the seller to sue or resell goods if the buyer fails to take delivery.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
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    5 views3 pages

    Fault

    Uploaded by

    Raihana Kolee
    The document defines several legal terms: fault refers to wrongful acts or failure to fulfill obligations; insolvency means lacking funds to repay debts; a mercantile agent represents another person in business dealings with third parties. It distinguishes between a contract of sale, where ownership and risk transfer immediately, and an agreement to sell, where transfer occurs later. For a contract of sale, the sole remedy if the buyer fails to pay is a lawsuit; an agreement to sell allows the seller to sue or resell goods if the buyer fails to take delivery.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
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    Fault: Fault means two things. Wrongful act means which is illegal. Like doing the business of heroin.

    Default means when you will fail to fulfill you obligation. Exp. Dont bring the book in the class. Insolvement: When a person is not having a single money with him to repay his dept. that person is called insolvement. Exp. After investing in to share Mr. X become insolvement. Mercantile agent In the modern business arena if one person is working on behalf of another person & if he is representing that person to the third party then he will be called mercantile agent of that another person. Exp. Selling goods in Uttara behalf of my boss, representing my boss to the third party.

    Price: Price means money consideration. Exp. The price of the this mobile is Tk. 20,000
    Property: Property means any general property in good but not any special property. Exp. Mobile, Land etc. Kinds of contract: Two types of contract I. A contract of sell II. An agreement to sell A contract of sell: When the seller is selling the product right now, when the buyer is buying the product right now that is called a contract of sell. Exp. Buying vegetables from the seller. An agreement to sell: when the buyer and seller is making the contract right now but the sale transaction will be happen in the future then that agreement will be called an agreement to sell.

    Differences between a contract of sale and an agreement to sale Transfer of ownership: In a contract of sell the buyer will get the ownership right now, but in an agreement to sell the buyer will get the ownership in the future. Transfer of risk: Risk passes with the goods. In a contract of sale the buyer has to take the risk but in an agreement to sell the seller has to take the risk until the goods will be deliver to the buyer. Remedial measures: In a contract of sale after buying a product if the buyer will not pay the money to the seller then the seller will have only one option and that is to file a case against the buyer for money recovery, but in a agreement to sale after making the contract if the buyer will not take the product from the seller then the seller will have two options I. He can file a case against the buyer for the breach of contract II. He can resell the product to some other person.

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