Agency law and the statutor

The law promotes and facilitates business activity in many different ways. From the following list select two areas of law and describe the way in which the promote and facilitate business activity:

d) The statutory implied terms in the Sale of Goods Act (NSW) and the Trade Practices Act (Cth)

The two areas chosen for discussion for the purposes of this assignment are:

· D- THE STATUTORY IMPIED TERMS IN THE SALE OF GOODS ACT (NSW) AND THE TRADE PRACTICES ACT (CTH).

PART ONE HOW DOES AGENCY LAW PROMOTE AND FACILITATE BUSINESS ACTIVITY.

The law of agency is detailed in its provision towards helping business activity. This includes setting out what gives one capacity to act as either a principal or an agent, what authority an agent holds in respect to commercial or business activity, what the duties of the agent are, their rights, liabilities of the agents, the circumstances under which an agency is terminated and the statu

Legally a sale is said to have taken place once the ownership of the good is passed on to the buyer at the time of the contract this good becomes the property of the buyer and the transaction is termed as a sale. An agreement to sell occurs when the ownership of the goods is to be transferred at a future time or subject to a condition. According to the sale of goods act: Where under a contract of sale the property in the goods is transferred from the seller to the buyer, the contract is called a sale; but where the transfer of the property in the goods is to take place at a future time, or subject to some condition thereafter to be fulfilled, the contract is called an agreement to sell (http://www.legislation.nsw.gov.au/viewtop/inforce/act).

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