Virgin Islands Notice to Buyer of Seller's Intention to Make Installment Deliveries
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How to fill out Notice To Buyer Of Seller's Intention To Make Installment Deliveries?
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FAQ
(1) Where a contract of sale is subject to any condition to be fulfilled by the seller, the buyer may waive the condition or elect to treat the breach of the condition as a breach of warranty and not as a ground for treating the contract as repudiated.
(6) Recover Damages: If the seller repudiates a contract or wrongfully refuses to deliver conforming goods, the buyer can sue to recover the difference between the contract price and the fair market price of the goods (at the time that the buyer learned of the breach), plus incidental and consequential damages, less
1. Suit for Damages for Non-Delivery- When the seller wrongfully neglects or refuses to deliver the goods to the buyer, the buyer may sue the seller for damages for non-delivery. This is in addition to the buyer's right to recover the price, if already paid, in case of non-delivery.
The main obligations of the buyer under the contract of sale are the obligation to pay price and the obligation to take delivery of the thing sold. These are the conditions of contract of sale with the exclusion of which no contract of sale can be made.
In a nutshell, the buyer or the seller may seek breach-of-contract money damages when the other party fails to complete the sale. If a seller defaults, he must return all deposits, plus added reasonable expenses, to the buyer.
The buyer's main duties are simple: payment of the purchase price and acceptance of delivery.
Rules: The ownership/property in goods is said to be transferred immediately from the seller to the buyer at the time of contract. The specific/ ascertained goods are not in deliverable state which means some work is still required to be finished before the delivery can be given to the buyer.
The seller assumes certain obligations under the contract of sales. These obligations are the obligation to deliver, the obligation to transfer ownership, the obligation to warrant the buyer against dispossession defects and non-conformity to the contract and other obligations.
Remedies available to both Buyers & Sellers First, wait for the due date and after the non performance by the other party sue him for damages. Second, sue immediately without waiting for the actual non performance of the terms of the contract.
When a seller breaches a contract, the buyer can seek remedies like money damages and specific performance, meaning a forced sale of the property or rescission of the contract. If parties cannot agree who should get the contract deposit, they must litigate the issue in court or take it to arbitration or mediation.
