RIGHTS AND RESPONSIBILITIES IN THE MARKET Rights are those things we are entitled to. Responsibilities are the things we must do. BUYERS Rights and Responsibilities.

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Presentation transcript:

RIGHTS AND RESPONSIBILITIES IN THE MARKET Rights are those things we are entitled to. Responsibilities are the things we must do. BUYERS Rights and Responsibilities. Which are rights and which responsibilities? To be able to enjoy ownership of the good To be sure that what they are buying is actually what they want (known as caveat emptor) To pay for the goods in full and on time To be satisfied with what they have purchased Right Responsibility

RIGHTS AND RESPONSIBILITIES IN THE MARKET SELLERS Rights and Responsitibilties Which are rights and which responsibilities? Have the legal right to sell the goods Make sure the goods are debt-free To be paid in full for the goods supplied Must not use misleading advertising or unfair practices Must sell at the advertised price If not paid, retain possession until paid, re-possess, re-sell, or sue for damages Rights are those things we are entitled to. Responsibilities are the things we must do. Right Responsibility

RIGHTS AND RESPONSIBILITIES IN THE MARKET In addition, BUYERS and SELLERS should ensure that: The goods match their description The goods are suitable for their intended use The goods are of merchantable quality (good enough to sell) Rights are those things we are entitled to. Responsibilities are the things we must do.