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First Principles of Business Law |
| Property law |
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3. Property rights in chattels |
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3.3.2. Transferring ownership in things bought and sold |
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Albert wants to know how and when he will become the owner of things he buys for his business. Which of the following statements most correctly states the basic rule? |
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(a) When a specified chattel is bought and sold, the general rule is that ownership passes to the buyer as soon as the parties intend it to pass, regardless of delivery and payment. (b) When a specified chattel is bought and sold, the general rule is that ownership passes to the buyer when the chattel is delivered to the buyer and the buyer has paid the price. |
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