Rights of the seller against the buyer personally are called ______a)R...
Rights of the seller against the buyer personally are called Rights in Personam.
Rights in Personam refer to the rights that a seller has against the buyer personally, rather than against the goods or any other specific property. These rights arise from the contractual relationship between the seller and the buyer. When the buyer fails to fulfill their obligations under the contract, the seller can exercise their rights in personam to seek legal remedies.
Key Points:
- Rights in Personam are the rights that a seller has against the buyer personally.
- These rights arise from the contractual relationship between the seller and the buyer.
- When the buyer fails to fulfill their obligations under the contract, the seller can exercise their rights in personam.
Types of Rights in Personam:
1. Right to Payment: The seller has the right to receive payment from the buyer for the goods sold. This includes the payment of the agreed-upon price, any additional charges, and any interest or penalties for late payment.
2. Right to Damages: If the buyer breaches the contract, the seller has the right to claim damages. Damages are a monetary compensation to cover any losses or harm suffered by the seller due to the buyer's breach of contract.
3. Right to Specific Performance: In certain situations, the seller may seek a court order requiring the buyer to fulfill their obligations under the contract. This is known as specific performance and is a remedy available when monetary compensation is not sufficient to remedy the breach.
4. Right to Rescission: If the buyer has committed a serious breach of contract, the seller may have the right to rescind the contract. Rescission cancels the contract and releases both parties from their obligations under it.
5. Right to Stoppage in Transit: If the buyer becomes insolvent or fails to pay for the goods, the seller may have the right to stop the delivery of the goods in transit. This right allows the seller to regain possession of the goods and prevent their delivery to the buyer.
Conclusion:
Rights in Personam are crucial for sellers as they provide legal remedies against the buyer personally when they fail to fulfill their obligations under the contract. These rights include the right to payment, damages, specific performance, rescission, and stoppage in transit. Sellers should be aware of these rights and seek legal advice when necessary to protect their interests.