In the absence of a written sales contract, certain merchandise guarantees may apply either automatically or not at all. Guarantees are legally enforceable commitments or guarantees that assure the buyer that certain facts or conditions regarding the goods are accurate. According to the Commercial Uniform (UCC), there are two types of guarantees – explicit guarantees and unspoken guarantees. 6.1 The seller guarantees that the goods sold below are free of processing and material defects. The seller`s liability under the above warranty is limited to replacing the goods or repairing defects or refunding the purchase price at the seller`s choice. No other express or tacit guarantees are granted by the seller and none is subordinated or presumed. If you do not have a sales contract, you may not understand your contractual rights and obligations, the economic consequences of the risks, and the remedies and protections you legally have. This agreement provides a solid foundation and framework for all stages of an otherwise complex process and provides ways to address and correct them in the event of a problem. Some states require a sales and usage tax to be added to the purchase price of the sale of personal property. Make sure you know who is responsible for these taxes in your purchase and sale agreement. If you know that you want to buy or sell certain goods, but you have not agreed to all the details or are not ready to sign a sales contract, you can first sign a letter of intent to outline the terms and the negotiation agreement. The deposit is a certain amount of money that a buyer gives to a seller as collateral that he follows during the transaction. If the buyer decides to buy, the down payment goes to the purchase price.
The down payment can be repaid or not repaid, which means that the down payment is either refunded to the buyer or retained by the seller if the agreement is not made. A sales invoice is a form that assumes that ownership of an item has been transferred from one party to another. It can be used as part of a sales contract to prove that the merchandise has officially changed ownership. In accordance with Article 2 of the Single Trade Code, there are four risk of loss rules that you must follow.