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What is ‘sale of goods’ contract?
•A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in good to the buyer for a price (s.4(1)). In other words, a sale occurs when the ownership or property in goods passes to the buyer.
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What is ‘goods’ under the SOGA?
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Explain and illustrate the difference between movable and immovable property?
Personal property or in civil law as known as movable property or movables means any property that can be moved from one location to another.Movable property on land, that which was not automatically sold with the land, included many kinds of livestock.
- Tangible personal property refers to any type of property that can generally be moved (i.e., it is not attached to real property or land), touched or felt. These generally include items such as furniture, clothing, jewelry, art, writings, or household goods. In some cases, there can be formal title documents that show the ownership and transfer rights of that property after a person's death (for example, motor vehicles, boats, etc.) In many cases, however, tangible personal property will not be "titled" in an owner's name and is presumed to be whatever property he or she was in possession of at the time of his or her death.
- Intangible personal property or "intangibles" refers to personal property that cannot actually be moved, touched or felt, but instead represents something of value such as negotiable instruments, securities,service (economics), and intangible assets including chose in action.
Immovable property is an immovable object, an item of property that cannot be moved without destroying or altering it - property that is fixed to the Earth, such as land or a house. Immovable property includes premises, and property rights (for example, inheritable building right), houses, land and associated goods and chattels if they are located on or have a fixed address. It is delimited by geographic coordinates or by reference to local landmarks, depending on the jurisdiction.
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