| what is an action for the price? which section stipulates this? | a remedy where the buyer fails to accept the goods. this is only available when property has passed.
section 49 |
| what is non-acceptance? what section does this apply to? | where the buyer does not accept the goods, but the property has not passed as well. so the seller may claim damages.
section 50 |
| what is a lien? | the right one person has over another person's property. this applies to sellers which are not paid for the property supposedly passing
section 39(2) |
| what four ways are liens terminated? | 1 the buyer pays the payment
2 the seller delivers the goods to a carrier or other bailee in order that the goods be transmitted to the buyer, without reserving a right of disposal of the goods
3 the buyer or an agent of the buyer lawfully obtains possession of the goods
4 the buyer waives the lien |
| what is a stoppage in transit? | the unpaid seller has a right to stop goods in transit to the buyer |
| what are the three requirements for stoppage in transit? | the goods must be ‘in transit’
the seller must be an ‘unpaid seller’
the buyer must have become insolvent |
| what is the right of resale? which section? | section 48
states that the unpaid seller can resell the goods if the seller exercised his lien or his right in stoppage of transit |
| what is available market place? | where there is non-acceptance from the buyer, the seller can apply for damages in the available market, under section 50. this is calculated by the difference between the market price and the contract price. there is no definition for the available market. |
