What Is Sellers’ and Buyers’ Rights?
What Is Sellers’ and Buyers’ Rights?
Sellers are individuals or entities that are involved in exchanging goods and services in exchange for cash. When it comes to financial markets, a seller is an individual or an entity that is offering securities, they are currently holding, to someone willing to purchase.
In the options market, sellers are also termed as writers. The writers are on either side of the contract, and they will get a premium if they go on to sell the option.
1). Right to have acceptance of goods:
It is the right of the seller that goods delivered by a seller under a contract of sale must be accepted by the buyer.
2). Right to claim loss:
If the buyer unlawfully refuses to accept the delivery of goods, the seller has a right to claim from the buyer the loss caused to him due to non-acceptance of the goods and also reasonable charges for the care and custody of the goods.
3). Right to receive the price of goods:
It is the right of the seller to receive the price of goods from the buyer as per the term of the contract.
4). Right to take legal action:
It is the right of a seller to take legal action against the buyer if the price is not paid to him.
5). Right to interest:
Seller is entitled to interest at a reasonable rate on the total unpaid price of goods sold, from the time it was due and until it is actually paid to him.
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