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For example, in the European Union the Consumer Rights Directive of 2011 obliges member states to give purchasers the right to return goods or cancel services purchased from a business away from a normal commercial premises, such as online, mail order, or door-to-door, with limited exceptions, within two weeks or one year if the seller did not ...
The South African law of sale is an area of the legal system in that country that describes rules applicable to a contract of sale (or, to be more specific, purchase and sale, or emptio venditio), generally described as a contract whereby one person agrees to deliver to another the free possession of a thing in return for a price in money.
The buyer must deliver the cash and the seller the stock. If either party fails, a failure-to-deliver takes place. [ 3 ] Sometimes deliberate fails-to-deliver are used to profit from falling stocks (see Bear market ), so that the stock can later be purchased at a lower price, then delivered, e.g. in the week of March 10, 2008, just before the ...
A right of pre-emption is a type of preferential right 'to purchase at a fixed price or at a price at which the grantor is prepared to sell'. [34] It is granted by a prospective seller to a prospective purchaser to give the purchaser right of first refusal if the prospective seller should decide to sell. A pre-emption right must comply with all ...
Delivery by common carrier other than by seller. Risk of loss shifts from seller to buyer at the time that seller completes its delivery obligations; If it is a destination contract (FOB (buyer's city)), then risk of loss is on the seller. If it is a delivery contract (standard, or FOB (seller's city)), then the risk of loss is on the buyer.
Such disputes may be resolved by reference to the 'last document rule', i.e. whichever business sent the last document, or 'fired the last shot' (often the seller's delivery note) is held to have issued the final offer and the buyer's organisation is held to have accepted the offer by signing the delivery note or simply accepting and using the ...
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First, where a party to a contract exercises an express right of termination, he or she is sometimes said to have exercised a right to rescind the contract. Secondly, where a party is faced with a repudiation, the party can elect to terminate the contract; this too has often been referred to as an election to rescind. "Rescission" at common law.