Textbook chapter summary Assignment Example | Topics and Well Written Essays - 1000 words

Textbook chapter summary - Assignment Example If a party breaks a rule or goes against the contract then a legal action is taken against it and the effected party is provided with the remedies. These remedies are designed to compensate the damage or loss the party has bore. Both the parties should pursue these aspects of obligations and remedies formulated by the law, while making a contract. The main obligation of the contract is the tender of delivery according to which the lessee is bound to deliver the goods according to the contract. The time should be flexible for the delivery. A perfect tender rule is where the buyer is allowed to reject or accept the whole shipment or a part of it within a reasonable time. The buyer or lessee has a right to withhold the delivery or the payment if anyone of them is breaching the contract or the payment is not made in due time. Both can reclaim the supplies if needed according to some specific situations. Both have the right to recover the purchase price or the damages under specific condi tions. In case of lost or missing goods the lessee could sue for the recovery of lost profit. In chapter 19 the warranties and product liabilities and its implications are being discussed. A warranty made by the seller confirms the liability and the standard of his product. If it’s a food product then the warranty implies that the food is good for human consumption and the law implies it. The chapter talks about the language that should be used in order to claim the warranty or the product liability and the terms in which the claim is applicable. A noticeable point raised in the chapter is the fact that manufacturer’s responsibility of providing quality products to the customers does not end after distributing the product to retailers and wholesalers. Instead, manufacturers should monitor the selling technique of the retailers and wholesalers and ensure