Safe audiogon transactions; lowering the bar.


It appears to me that a large number of people send bank
checks / money orders to pay for used equipment sight
unseen. Most private sellers insist upon this form of
payment. The culture appears to require buyers to take
significant risk in order to benefit from lower prices.

Although this is not surprising in itself, it seems to me
that Audiogon could preserve the long term health of this
website, and its priviledges with more proactive policies.

e.g. providing guidelines on how to conduct a proper
transaction; a list of important questions to ask,
what the seller / buyer should have in writing before
a transaction should proceed, and perhaps provide a
summary of the most common problems which develop between
sellers and buyers.

There are nagging questions: Who owns the equipment once
it has been shipped? Who should be insured?

Perhaps some experienced sellers and buyers would share
their own approach to transactions on this site and how
they get people to put their best foot forward despite
themselves.
hindemith

Showing 2 responses by rockvirgo

Here is the five minute course in trade law...

The essentials (and the typical manifestations) of an enforceable contract are competent parties (adults), subject matter (something not illegal), legal consideration (money), mutuality of agreement (a meeting of the minds) and mutuality of obligation (duties). Contracts may be oral or written.

Ordinarily a sale occurs when the goods change hands. Businesses use FOB (freight on board) shipping point and FOB destination designations to specify the moment title passes. Insurance requires an insurable interest. You have one if the loss will cost you money to remedy.

Internet deals often involve three contracts, one each for the sale, shipping and insurance. Our sales contracts are seldom commercial ones. As such, the maxim "let the buyer beware" summarizes the rule that a purchaser must examine, judge, and test for himself.
Lakefrontroad,
Although shippers may gather info from the injured owner, they pay damages to the party who paid them to do the shipping. They have no contract with the recipient.

When a repair place accepts your unit into its care, custody and control it creates a bailment from which their insurable interest flows. Some carry bailee's insurance coverage to protect themselves from losses. A good example bailee is a dry cleaner.