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.
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.