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TOPIC: TRANSFER OF PROPERTY



LEARNING OBJECTIVES:

Business & Labor Law students will be ready to:

  • Understanding the basics of transfer of property.
  • Understanding the laws regarding goods delivering.

 

LEARNING OUTCOMES:

Business & Labor Law Students are likely to:

  • To understand the nature of movable goods.
  • Gain knowledge about the basics of goods in delivering state.

 

THE CASE:

Mr Yasir is a well known industrialist in the field of leather products with the brand name Yasir Leather International. The demand for his company products were ever high capturing more and more market. But due to the prevailing law and order and electricity situation, his firm found it hard to meet the demand of the customers. Another problem with the ever changing customer demands in the form of new styles for the dresses.

In order to deal with this situation, Mr Yasir approached a China based firm to procure a new machinery that had a low price along with the backup of electricity for as long as one hour.  Being satisfied with these features, he signed the agreement with the china based company for the requisite machinery and also made half of the payment. The machinery was loaded for Pakistan destined at Karachi. At the arrival of the machinery at Karachi, it was found that it was damaged partly. He intends to cancel this deal and demand for a new or fresh machinery without any defect.

Questions:

  1. Explain, should Mr Yasir accept the same machinery after being repaired or demand for a new (fresh one)?
  2. If Mr. Yasir declines to accept this machinery, is he justified or not or what is the flaw

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Replies to This Discussion

is he justified or not or what is the flaw?

fairy sis he justified, thats y us ne wo wapis ker di hai ar new demand ki hai

helo saria. wo to thek bat ha tmhari leken ya to kahen likha howa hi nahe ha k waarranty men purchaes ki ha ya garrenty me. is bat ka kesy pta chaly ga k ya machenery warrenty me pucheas ki ha ya garrenty me purchase ki ha mr.yasir sb ny ????
warrantee mein purchase kiya tha ya guarantee mein???

or ap k 2nd assignment me kitney no aaey han fin611 k. mery 20/20 no han fin611 ki 2nd assignment me

asignmnt . 2 ka result he ni aya abi tu

tariq bhai irrelevant material  mat share kiya karien

mujhe to pata hai baki students ankh band ker k copy paste ker lete hain and that 0 aata hai unka

siraf ap ko hi nahe hamey bi pta ha

Once a Seller has presented the goods to the Buyer, an act known as “tender”1 under the law, it is up to the Buyer to act next. The Buyer must react to the Seller’s tender of the goods whether or not the goods or delivery conform to that which was agreed upon. In other words, the goods are now at the Buyer’s doorstep and the Buyer has one of two options, the Buyer may reject or accept the goods.

If tender of the goods conforms in every respect to the contract, i.e. type of goods, time of delivery, method of delivery, etc., then typically the Buyer must accept the goods.2 However, if there is any defect in the tender of the goods the Buyer has the right to reject the whole lot, accept the whole lot, or accept any commercial unit or units and reject the rest. This ability of the Buyer to reject the goods in light of any defect, no matter how slight, is known as the “perfect tender rule.”3

4.         Acceptance of the Goods

 

Buyers may lose the right to reject goods if they have “accepted” them.  Acceptance may be intimated to the seller or by doing an act inconsistent with the rights of the owner or by deemed acceptance if the buyer keeps the goods for more than a “reasonable period of time”.

 

A buyer will not be deemed to have (legally) accepted the goods until he has had a reasonable opportunity of examining them to ascertain whether they conform to the contract or, if the sale is by sample, by comparing the bulk with the sample.  So, a buyer who signs for delivery of goods will not, necessarily, lose the right to reject them as faulty until he has had a reasonable opportunity of examining them, regardless of anything that might be written on the delivery note.  Where the buyer in this situation is a consumer he can never lose that right to reject by agreement or waiver.  Where a commercial buyer takes delivery of goods and signs a delivery note stating that the goods have been “accepted” then it will be a question of fact whether the buyer has had a reasonable opportunity of examining those goods and legally accepted them.

 

Where a buyer allows the seller to attempt a repair of faulty goods, that will not necessarily be regarded as acceptance of the goods and the buyer would still be able to reject the goods if the fault remained.  Further, where goods which have been purchased are discovered to be defective, a term could be implied into the contract entitling the buyer to be told what the defect was (even if the seller repairs the defect) because this information may be necessary to enable to buyer to make a properly informed choice between accepting or rejecting the goods. If the buyer is not given this information they may be entitled to reject the goods.

 

It would be a different matter where the buyer takes faulty goods to anyone other than the seller for repair, unless they were able to argue that was necessary due to an emergency.

The Nature of Movable and Immovable Collateral and the Consequences for Registries

Access to credit is an important driving force in economic growth. It ranks high on the list of factors emphasized by individual entrepreneurs, and small and medium sized enterprises as critical to the survival and growth of their businesses with the concomitant job retention and creation and other benefits to the general welfare of society as a whole. Movable and immovable property offered as collateral make the extension of credit attractive to lenders and readily available to businesses on favorable terms. The legal and infrastructural framework, however, must be in place for collateralized lending to function in the credit market. Movable and immovable property registries are an essential component of the necessary infrastructure.
Due in large part to the nature of collateral in general the suggestion is occasionally made to combine movable and immovable property registries. To be sure, there are similarities between mortgages in real estate and security interests in movable property. Both mortgages and security interests serve as collateral for a debt. Both provide that if the debt is in default the secured party can look to the collateral to satisfy the debt. Lenders in assessing the risk of making a loan refer to the registries to determine whether or not a prospective borrower has an interest in the property intended as collateral and whether or not that intended collateral is subject to prior encumbrances. An initial impression is thus that mortgages and security interests should be treated alike and registered in the same registry.
However, the similarities mislead, since they don't take into account the fundamental differences between movable and immovable property and the consequences of these differences in the establishment of registries. Combining movable and immovable property registries actually increases the complexity that lenders must deal with, because the nature of the property demands that a search for encumbrances against movable property be conducted differently than a search for encumbrances in immovable property. As a consequence, international practice is to keep the registries separately

the GDB is from lecture 36....remember me in your prayers

i do not know ,., what the answer of this assignment.,.,    but want to send and taking full marks

This is related to Lecture 35 and 36

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