Chapter5: Business law(Cost of goods sales)

第五课纲要

🍀5.1 definition of goods，classification of good，definition of the contract of sale
🍀5.2 Implied Terms Relating to sale of goods Contract

• condition and warranty 违约的差别
• condition 违约合约作废 
• warranty 违约就可以claim 损失

• implied condition 
• implied condition as to title
• 商品必须是自己的，不能卖盗窃的商品。合约是无效的。
• 即使付全款买盗窃品，商品还是必须归还原主


• implied condition that in a sale of goods by description, the goods must correspond with the description
• 如果商品与描述的不符，买家有权拒付，因为合约违反了implied condition


• goods must be reasonable fit for purpose for which the buyer wants them
• example不会外表一样，实际上不可以function，那么可以退款


• goods must be merchantable quality
• 例如衣服的material用plastic做，那么就属于unmerchantable quality


• implied condition for the sale of goods by sample
• 一部分与sample一样，一部分与sample不一样，买家有权退货
• 无法检查的潜在缺陷
• implied warranty

• the buyer shall have quiet possession of the good
• 买家应该独占货品拥有权，不应该与第三方共享。若与第三方共享，导致无法使用商品，买家可以claim损失

• the goods are unencumbered
• 如果有任何第三方的收费，卖方有义务告知消费者，否则买家有权claim 损失。卖方须承担第三方的收费。

Caveat emptor rule and its exceptions

-如果买家满意quality，因为自己粗心就要自己承担责任

Exception：

buyer makes known to seller the particular purpose for which the goods are required so as to show that he relies on the seller 's skill and judgement

EXP: 买了衣服，莫名奇妙过敏，可以要求赔偿

🍀5.3 Transfer of property and tittle of the goods

     在这个部分会学到，货品转移不一定货品拥有者会随之转移

💚Section 18 - sale of unascertained good 

💚Section 19 - sale of specific or ascertained good

💚Section 20 - sale of specific goods in a deliverable state 

💚 Section 21 - sale of specific goods to be put into deliverable state 

💚Section 22 - sale of specific goods in a deliverable state, but the seller has to do something in order to ascertain the price

💚Section 23 - sale of unascertained or future goods by description; and appropriation

🍀5.4 Describe the protections to buyer and owners

5.4比较重要的principle of nemo dat quod non habet是指只有真正的owner才有权卖商品 and exception (final exam会出现)

• estoppel
• owner指定某些人有权利卖，那么被指定的人就有权利卖

• sales by merchantile agent 
• 如果owner指定agent卖，那么agent可以卖
• 如果没有指定agent，agent自行卖，agent需要赔偿owner的损失

• sales by one of joint owner
• 如果一间家有五个兄弟姐妹，只有其中一个决定卖，那么家无法卖。需要获得所有兄弟姐妹的同意才能卖

• sales under a voidable title
• purchase bona fide

• sale by seller in possession after sale
• good faith of buyer without notice of previous sale. Seller is in continuous in possession after sale (no break in chain)
• 这种情况会面对的问题是，由于卖家2次转卖，导致第一位买家没有得到货，货品最后落入第二位买家的手中，因此卖家有必要对第一位买家进行赔偿

• sale by a buyer in possession after sale
• good faith
• buyer is in continuous in possession of goods after sales
• 买家可以转卖

🍀5.5 Types of breach of sale of goods contract

这个是违约的种类

1.by the buyer

    -failure of buyer to take delivery买家可能刚好外出，没有签收包裹

    -failure of buyer to pay for the goods 不愿意还款

    -failure of buyer to accept the goods 反悔，不接受货品

2.by the seller

    -商家无法把完好无缺的货寄给买家，买家可以claim warranty

Remedies for unpaid seller

商家没有获得买家的付款，可以获得到的remedy

a) a lien on the goods for the price

    -如果卖家没有收到买家打款，即使已经把property给买家了，那个名还是保留给卖家

b) a right of stopping the goods in transit the case of buyer insolvency

    -如果得知买家破产，卖家有权利stop，不把货品寄给买家，直到收到打款

c) a right to resale,subject to section 54

    -没收到卖家打款可以重新卖货

d) a right of with holding delivery

    -有权拿回货

Rmedies for buyer

a) damage

    -买家可以claim损失，如果卖家寄来的货有损坏

b)specific performance

    -如果物品是稀有的，可以claim物品

    #提醒一下这个和chptr2的specific performance差不多~

    -如果那个货品是普通的，可以claim赔偿

#notes大部分都是从课本摘录，推荐各位细读~

Notes！Click me

-第6面的b，the goods are unencumbered的华文 *违约* 换成买家可以claim损失

-有一些错别字，请别见怪，体谅一天内写出来的notes

 

Chapter 1 ：Macroeconomic

 Macroeconomic Chapter 1都学些什么呢？

✅The concept of macroeconomics

    ✅Define macroeconomics

    ✅Compare between Macroeconomics and Microeconomics

    ✅The macroeconomics goals

    ✅The Problem of macroeconomics goals

✅Aggregate demand and aggregate supply

    ✅define aggregate demand and aggregate supply

    ✅aggregate demand and aggregate supply curve

    ✅factors that shift AD curve and AS curve

✅4th Industrial Revolution 

    ✅The influence of 4 Industrial Revolution 

        ✅The growth of Gig Economy and Digital Economy

✅The concept of macroeconomics

一开始肯定少不了define macroeconomics

Macroeconomics是学country‘s economic activities。例如，problem of inflation， level of unemployment，balance of payment等 

Compare between macroeconomics and microeconomics

左边是microeconomics，右边是macroeconomics。

Macroeconomic goals

1.Achieving Full Employment

    🔎少于6%的失业率就代表达到full employment

    🔎如果失业率高，代表资源没有用到optimum

2.Maintaining Price Stability

    🔎没有price fluctuation

    🔎general price increase会导致inflaction

    🔎general price decrease会导致deflaction

3.Sustainable Good Economic Growth

    🔎提高生活水平

    🔎增加output

4.Fair Equitable Distribution of income

    🔎解决贫富悬殊的问题

    🔎达到相近的收入

5.Competitive International Trade

    🔎达到更高的生产

    🔎经济福利

6. Satisfactory Equilibrium in Balance of Payments

    🔎import>export 亏

    🔎import<export 赚

The problem of Macroeconomics Goals无法同时达到两个macro goal

1.To achieve full employment and maintain price stability

    🔎政府为了减少失业率，减少tax税，增加津贴。 当政府给予津贴后，市场上就需要很多人手，随之失业率会减少。当失业率减少后，达到了full employment，人民的经济能力就会提高，这会导致demand增加，人民开始疯狂购物，故此general price就也会增加，导致inflation。Inflation发生后，消费者的消费能力就下降，接而导致investment下降，失业率又增加。 

2.To achieve economic growth and maintain price stability

    🔎为了达到economic growth，政府必须要鼓励investment。怎样鼓励investment？减少interest rate，那么investment level就会增加。Investment增加会导致就业机会增加，国家生产力也会增加。就业机会增加，那么消费能力就会增加，general价格就会增加（inflation），那么就达不到price stability了。为了让general price stable，政府就必须调高interest rate，减少investment，就业机会减少，人民消费能力减少，那么economic growth就无法达到。

3.To achieve economic growth and equilibrium in balance of payment

    🔎当我们的经济成长速度过高，人民就会增加消费奢侈品。当人民收入增加，自然而然会购买更多import的货多过local的货，会造成 import>export，就导致deficit in the balance of payment。政府只能减少economic growth来减少人民不断购买进口货

Chapter 3 business law : Legal Aspects of Business Entities

 Contents outline:

3.1 Types of business entities in Malaysia
✅3.1.1 Define sole partnership
✅3.1.2 Define partnership
✅3.1.3 Define company

3.2 The characteristic of sole proprietorship, partnership and company

✅3.2.1 Characteristics of sole proprietorship, partnership and company in respect of

        a)formation

        b)management

        c)registration

        d)number of members

        e)constitution 

        f)liability

        g)dissolution

3.3 Right and duties of partners and dissolution of partnership based on Partnership Act 1961

✅3.3.1 The duties of partners
✅3.3.2 Dissolution of partnership

3.1 Types of business entities in Malaysia

1. Sole proprietorship

🟣type of business entity that is owned and run by one natural person 

🟣no legal distinction between the owner and the business

个人做生意

2.Partnership

🟣the relation which subsist between person carrying on business in common with a view of profit

合伙做生意

3.Company

🟣are legal entities incorporated under the Company Act 2016

公司

3.2 The characteristic of sole proprietorship, partnership and company

1. Sole proprietorship

📝Formation: individual in business on his own

📝Management: owns and manages the firm himself and can employ employees to manage the firm          for him

📝Registration: register business under the Registration of Business Act 1956

📝Number of members: only one person

📝Constitution: no agreement is necessary

📝Liability: may withdraw capital. Liability for the firm's debt to its creditors is unlimited

📝Dissolution: may be dissolved informally by the sole-proprietorship

# Sole-Proprietorship 是个个人公司，需要注册。它是由个人管理的，因此不需要别人同意也可以创办。liability是无限制的，亏损与盈利都个人承担。Sole-Proprietorship 可以通过非正式解散。

2.Partnership

📝Formation: two or more persons carrying on business with a view of profit

📝Management: partners are agent of the firm carrying on the business in the ordinary course of                 business and are generally entitled to manage the firm

📝Registration: Register with Companies Commission of Malaysia under the Registration of Business       Act 1956

📝Number of members: max is twenty (except for professional firm)

📝Constitution: may be formed orally or in writing

📝Liability: may be withdraw capital but their liability for the firm's debt to its creditor is unlimited

📝Dissolution: Partnership my be dissolved by agreement, operation of law by death or                 bankruptcy, charging on share, supervening illegality, court order

# Partnership 是由2-20人经营的合伙生意。它是由合伙人共同经营的，需要注册。合伙生意可以由口头上或者书写的方式决定成立。liability也是无限制的，如果其中一个合伙人要退出合伙生意，退出前必须要承担公司的损失/可以获得公司盈利。如果公司的损失大于合伙人的初始投资，合伙人可以不承担大于初始投资数目的欠款。合伙生意如果要dissolve，需要有条件，这个接下来再深入说说。对了，如果有新的合伙人要加入公司，也需要全部partner赞同

3. Company

📝Formation: A company is a person separate from its members

📝Management: members of company as much are neither its manager nor its agent

📝Registration: need to be registered with the Companies Commission of  Malaysia as a company                                   under the Company Act 2016

📝Number of members: no max numbers of members (except private company, the max is fifty)

📝Constitution: must be constituted in writing- by a Memorandum and Articles of Association

📝Liability: not liable for its debt

📝Dissolution: winding up with formal procedure

# Company是由manager或者agent来管理，需要注册。company分成public company和private company。 public company不限人数，private company是最多只能50人。Liability 是limited的。如果公司倒闭，股权拥有者只会亏损手上的股份的价值，不需要额外承担损失。如果是个人或者partnership公司亏损，投资人需自己补贴损失部分。如果要dissolve company，需要正式的流程，不能随随便便dissolve company

3.3 Right and duties of partners and dissolution of partnership based on Partnership Act 1961

Duties of partners (Section 26 Partnership Act 1961)

a) entitled to share equally in the capital and profits有权平均分享资本和利益

b) the firm must indemnify every partner in respect of payments made and personal liabilities incurred by him 公司必须赔偿每位合伙人的付款/对初始资金负责

c) a partner is entitled to interest at the rate of 8% per annum from the date of the payment or advance 每年8%利率获得利息

d) a partner is not entitled before the ascertainment of profits to interest on the capital subscribed by him合伙人在确定利润之前无权就其认购的资本获得利息

e) every partner may take part in the management of the partnership business每个合伙人均可参与企业管理

f) no partner shall be entitled to remuneration for acting in the partnership business任何合伙人均无权因从事合伙企业而获得报酬

Dissolution of partnership

1. by agreement Section 34(1) of Partnership Act 

✅the duration of the partnership has been specified in the particular agreement, the partnership is terminated on the expiry of that period 

✅partner mutually agree to dissolve the partnership

2.by operation of law Section 34(1) of Partnership Act

✅If the partnership was entered into for a fixed term and the term expires - Section 34(1)(a) Partnership Act 1961

✅If the partnership was entered into for a single adventure or undertaking and that adventure or undertaking terminates - Section 34(1)(b) Partnership Act 1961

✅If the partnership was entered into for an undefined time by any partner giving notice to the partner giving notice to the other partners of his intention to determine or end the partnership- Section 34(1)(c) Partnership Act 1961

3.by death of bankruptcy Section 35(1) Partnership Act 1961

✅every partnership is dissolved as regards all the partners by death or bankruptcy of any partner

4.by charging on share Section 35(2) Partnership Act 1961

✅ a partnership may at the option of the other partners be dissolved if any partners suffer his shares of  the partnership property to be charged under this Act for his separate debt

5.by supervening illegality  Section 36 Partnership Act 1961

✅Every partnership is dissolved by the happening of any event which makes it unlawful for the business of the firm to be carried on

6. by court order Section 37 Partnership Act 1961

✅Section 37(a) Partnership Act 1961- insanity of a partner

✅Section 37(b) Partnership Act 1961- permanent incapacity of any partner to perform his duties

✅Section 37(c) Partnership Act 1961- conduct calculated to prejudicially affect the carrying on of the business

✅Section 37(d) Partnership Act 1961-willful and persistent breach of the partnership agreement (by any partner other than applicant)

✅Section 37(e) Partnership Act 1961- when the business of the partnership can only be carried on at a loss

✅Section 37(f) Partnership Act 1961- where in the opinion of the court, it is just and equitable to dissolve the partnership

Chapter2: Business Law

 

 Business Law Chapter 2

Business Law Chapter 2 有学:

✅2.1 Describe the nature OF Malaysia legal Principles 

    ✅Describe contract

✅2.2 Apply elements that form a valid contract and terms in contract 

    ✅Elaborate elements of valid contract 

✅2.3 Ascertain effects of contract 

    ✅Describe valid contract 

    ✅Interpret voidable contract

    ✅Discuss void and illegal contract

✅2.4 Explain discharge of contract

    ✅Identify the role of judges in interpretation of statutes

✅ 2.5 Ascertain remedies for breach of contract

      ✅Outline the remedies for breach of contract