The Sale of Goods Act 1979 is the only legal protection that is available for asset based finance contract. The same act that covers pawn brokers to buying a bag of sweets - Why would any one sign their company and their house over to any factoring company with no one to complain too? Greed and Maddness
Part II Formation of the Contract
Contract of sale
2 Contract of sale.
(1)A contract of sale of goods is a contract by which the seller transfers or agrees to transfer the property in goods to the buyer for a money consideration, called the price.
(2)There may be a contract of sale between one part owner and another.
(3)A contract of sale may be absolute or conditional.
(4)Where under a contract of sale the property in the goods is transferred from the seller to the buyer the contract is called a sale.
(5)Where under a contract of sale the transfer of the property in the goods is to take place at a future time or subject to some condition later to be fulfilled the contract is called an agreement to sell.
(6)An agreement to sell becomes a sale when the time elapses or the conditions are fulfilled subject to which the property in the goods is to be transferred.
Continue reading http://www.legislation.gov.uk/ukpga/1979/54
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