N_DbCbumqPYhoorwhDonuWj1AFg

Sunday 30 October 2011

A right of resale

The exercise of the right of lien or of stoppage in transitu does not rescind the contract or give the seller a right of resale.

If, however, an unpaid seller who has exercised either of these rights does ever resell the goods, the buyer obtains a good title to them as against the original buyer.

The seller can resell the goods:

  1. Where the goods are of a perishable nature.
  2. Where he gives notice to the buyer of his intention to resell and the buyer does not within a reasonable time pay or tender the price.
  3. Where the seller expressly reserves a right of resale in case the buyer should make default.
If the seller should sustain any loss on the resale he can recover it from the buyer as damages for breach of contract.

About

Yahoo Site Explorer

Bankrate.com: Your Wealth Blog Headlines

In the News
Spelling Bee
difficulty level:
score: -
please wait...
 
spell the word:
Match Up
Match each word in the left column with its synonym on the right. When finished, click Answer to see the results. Good luck!