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A code of contract law relating to sales of goods of the value of £10 and upwards; a handbook for the use of professional and business men - Softcover
Synopsis
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1883 edition. Excerpt: ...to the buyer, unless prepayment has been made, of paying the price according to the terms of the contract, failing which the seller can enforce payment by action, and, if in possession of the goods, and the time of payment has arrived, can also exercise a lien on them until it is made. In sales for cash, as will be seen under the head of "Lien," the seller may refuse to part with possession, except in exchange for the money, but in sales on credit he cannot do so except in cases of insolvency. The active remedy for the price is an action at law, there is also that of lien as mentioned above, but the latter is a passive remedy which does not entitle the holder of possession to sell the goods and thus obtain his money, but only to hold them as security until he has obtained it by the means available. The change of ownership as explained at pp. 14, l$ante, completely changes the relation of the parties to each other, for whereas before it takes place the remedy of each is for breach of contract, afterwards no breach can take place, the remedy being on the one hand for the price in an action of debt, and on the other, to enforce possession of the goods, or damages for detention in an aclion for conversion if possession is wrongfully withheld. The goods, as explained in rule 38, being at the buyer's risk the moment the ownership changes, he must pay for them, if they accidentally perish before he obtains possession. Effect of Bankruptcy on Performance. Bankruptcy of 49. When a buyer proclaims his insolvency before buyer. delivery under a contract for the sale of goods is completed, the seller, notwithstanding he may have agreed to give credit for the goods, is not bound to deliver any more without payment of the price, and if a debt...
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