By Mugambwa Amankw
A well timed and apposite treatise on Papua New Guinea’s fiscal setting, this ebook explores enterprise enterprises legislations and numerous features of business legislations in Papua New Guinea in a readable and informative type. enterprise and trade is the dual engine that propels the economic climate of a latest state. They determine regular monetary development and improvement. In an age of globalization, they imagine even higher value than at any other time in human background. A kingdom dangers being marginalized or left in the back of within the race for a percentage of the area monetary marketplace until it guarantees the soundness of its enterprise and advertisement zone. alternate rules, solid governance and democratic associations cross hand in hand in ensuring political and social equilibrium. As such the legislation designed to facilitate exchange and trade are a necessary element of the political and social equation. this can be a worthwhile ebook for legislation scholars, criminal practitioners, accountants and company executives, not just inside Papua New Guinea, but in addition in Australia and through the South Pacific.
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Extra info for Commercial and Business Organizations Law in Papua New Guinea
Essence of a contract of sale of goods The Goods Act applies only to a contract for the sale of goods. Section 3(1) of the Act defines such contract as one “where the seller transfers or agrees to transfer the property in goods to the buyer for a money consideration called the price”. Thus, a contract of sale of goods has four essential elements: (i) a contract; (ii) the object of which is to transfer property; (iii) the subject matter is goods; and (iv) the consideration must be money. If any one of these elements is missing, then the transaction is not a sale of goods contract and the Goods Act does not apply to it.
Introduction to the Law of Sale of Goods 11 The issue was whether the contract was for the sale of goods or for service. It was held that the test is as follows: where the end result of a contract was for the sale or transfer of property in a chattel, then it is a contract of sale of goods, no matter how great the skill involved. Conversely, if the end result of the contract is that a party has done work, which ends in nothing that can become the subject of a sale, then it is a contract of service.
4 Commercial and Business Organisations in Papua New Guinea substantive rules of equity in commercial transactions. The case of Re Wait7 is a classic illustration. In that case, a purchaser ordered and paid for goods in advance. 8 This meant that the purchaser stood to lose their money as unsecured creditor. The purchaser sought to argue that, though no legal title had passed, they acquired an equitable interest in the goods by virtue of a specifically enforceable contract. They submitted that the seller held the legal title to the goods as their (the buyer’s) “trustee”.