The seller must provide the buyer with a receipt for cash transactions. While a sales contract and a sales contract have similar objectives, a sales contract offers a more detailed payment plan and offers guarantees for the item. It also allows both parties to show greater flexibility before the conclusion of the contract, by granting conditions to secure the goods before purchase. Explicit warranties: An explicit warranty is a confirmation statement by the seller about the quality and characteristics of the goods. An example of an express warranty is an electronics dispenser that tells a customer, “We guarantee your newly purchased TV against defects for three years. If you draw our attention to a defect, we will replace or repair it. However, an explicit warranty can be established even if the seller does not intend to create one. If the sales contract contains a description of the goods on which the buyer relies when purchasing, an explicit guarantee is made that the goods correspond to this description. When the seller makes available to the buyer a model of the goods, an explicit guarantee is made that the goods conform to the model. A written agreement allows both the seller and the buyer to clearly indicate which explicit warranties may apply to the goods. 2. Ensure fitness for a particular purpose: if seller knows or should know that (1) buyer intends to use the goods for specific purposes and (2) buyer relies on seller`s ability or judgment to choose the appropriate goods, an implied warranty that the goods correspond for that purpose, if created.
An example is a homeowner who buys paint to paint a house. If the seller recommends a particular color, but that color is not suitable for painting the houses, the seller has violated this implied warranty of fitness for a particular purpose. The basic agreement, which is essential for a buyer-seller contractual document, is the exchange of money, property or services. The agreement must specifically describe the exchange by listing what each party will give to the other. This part of the agreement also contains information about the delivery method, which can have a considerable influence on costs and speed of delivery. . . .