- Formation of contract — Obligations of the buyer — Obligations of the seller — Documents of title — Passing of property
This chapter looks at the passing of property and the risks involved. The passing of property (or ownership) to the buyer is of vital interest in both domestic law and the international law of sale. The law of sale, as codified by the Sale of Goods Act, is a combination of contract and conveyance. The latter part — the conveyance — is the passing of property. In the Act itself, the passing of property is important in defining the moment when risk is transferred. The significance of risk is that, when transferred to the buyer, it determines the contractual rights of the seller and buyer if there occurs a casualty to the goods for which neither party bears contractual responsibility. However, as the chapter shows, this connection between the property and risk is not as important in the law of international sale as it is in the law of domestic sale.