What is meant by Sale or Return?
Buying and selling arrangements between sellers and buyers may take different forms and sales contracts can have some unusual terms agreed between the parties. However, one of the common arrangements between supplier and customer is ‘sale or return‘ also known as ‘sale and return‘. This term is also commonly used as an alternative term to mean consignment […]
What is meant by Caveat venditor?
Exchange of goods is essential for humans to conduct their businesses and to live their daily life. Exchange of goods or services is something that is unstoppable as it keeps the society running and just like when heart stops in human body, same way if exchange of goods and services is obstructed, the whole social […]
What is meant by Caveat emptor?
As humans cannot live in isolation and we have to depend on others for many things we are almost all the time engaged in exchanging goods or services. Whether it is business or personal life, selling and buying is inevitable. In buying and selling, one of the important things is that the goods are as […]
What is the difference between ‘separate entity’ and ‘separate legal entity’?
Separate entity is basically an accounting concept where as separate legal entity is a legal concept which overrules the accounting concept of separate entity. According to separate entity concept (also termed as business entity concept) the business and the owner(s) of the business are two distinct and separate entities which implies that assets and liabilities […]
What is Novation contract?
In legal terms novation occurs when a new contract is substituted for an existing contract where old contract is mutually discharged. This new contract can be between the same parties which were parties to the old contract OR it can be between new parties. Usually such contracts occur when the debtor or creditor is replaced […]
