John buys a watch for $100 at a vintage store. Later, the store learns that the watch was worn by Sean Connery in a James Bond movie and wishes to rescind the sales contract they have with John. Which of the following statements is true in this scenario?

Question

Ariel Odonnell

Business

6 January, 23:48

John buys a watch for $100 at a vintage store. Later, the store learns that the watch was worn by Sean Connery in a James Bond movie and wishes to rescind the sales contract they have with John. Which of the following statements is true in this scenario?

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Answers (1)

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Jakob Hobbs · Answer 1

Answer

The store cannot rescind their decision because the ownership of the goods has passed from the seller to the buyer in this case john

Explanation : This can be defined as a situation whereby the seller agree to sell the goods to the buyer in exchange for value known as money. in contract for the sale of goods, there is sale and agreement to sale. Sale is when the seller has agreed to sell the goods to the buyer in exchange for value known as money and the buyer has actually made payment for the goods. in this case, the ownership of the goods has passed from the seller to the buyer.

On the other hand, agreement to sale is when the seller has agreed to sell the goods to the buyer in exchange for money but the buyer has not made the payment. In this case, the ownership of the goods is still with the seller. Therefore, in the case of John who is a subject of our discussion, John has bought the watch from the store and made payment for it. John has the right to enjoy the watch under the law. If the seller now wants to deny John the right to have value for his money. John had the right to seek redress in the court of law in defence of his right to have value for money by enjoying the watch which he had bought from the store with his hard earned money.