Asked by
Randy Santiago IRizarry
on Nov 23, 2024
Verified
Janicka purchased a snowmobile from Andrew under a conditional sale agreement. Andrew registered the conditional sale agreement pursuant to the requirements for registration set down in the provincial legislation. Janicka later sold the snowmobile to Gary, who purchased the machine without making a search for conditional sale agreements. If Janicka defaults in payment, and Andrew seizes the snowmobile, Gary would have a right of action against Janicka.
Right Of Action
A legal right to commence a lawsuit.
Sold
A term indicating that an item, asset, or property has been transferred from one party to another in exchange for money or other compensation.
Defaults
Situations where a party fails to fulfill their obligations as specified in a contract or agreement.
- Describe the judicial consequences related to acquisitions via conditional sale contracts and the significance of registration in safeguarding stakes.
Verified Answer
CT
Learning Objectives
- Describe the judicial consequences related to acquisitions via conditional sale contracts and the significance of registration in safeguarding stakes.
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