Explain the following article:

1501(own explanation and example)

• Quasi-traditio
• Delivery by agreement signifying a transfer of possession

1502

• Contracts of sale or return, and of sale on trial or approval or statisfaction
• sale or return distinguished from sale on trial

1503

• Delivery of specific goods sold generally passes title
• Reservation of right possession or ownership when specific goods are shipped
• where seller of his agent is consignee
• where seller's title only purpose of security
• where buyer or his agent is consignee but seller retains  the bill of lading
• where bill of lading is sent forward with draft attached

1501

• Quasi-tradition: - used to indicate the transfer of rights or incorporeal property - defined as the exercise of the right by the grantee with the acquiescence of the vendor, or the placing of the title of ownership in the possession of the vendee - used to designate that a person is in the use of the property of.
• The placing of the titles of ownership in the possession of the buyer or the use by the buyer of his rights, with the seller's consent, shall be understood as a delivery; or. in any other manner signifying an agreement that the possession is transferred from the seller to the buyer.

1502

• SALE OR RETURN- the buyer has an option to purchase or return the same to the seller instead of paying the price. Without reference to the quality of goods,                                                                                                                                                              SALE ON TRIAL OR APPROVAL- the buyer has an option to purchase the if the goods prove satisfactory. 
• The difference is that a "sale on approval" arises when the goods are delivered to the buyer primarily for use, whereas a "sale or return" arises when the goods are delivered to the buyer primarily for resale.

1503

• Contract law principles allow you to 'retain' the title (ownership) of goods. In many instances, the supplier will choose to retain ownership up until payment for the goods is received. In absence of terms retaining title, ownership ordinarily passes at the point of sale or when the goods are handed over.
• The placing of the titles of ownership in the possession of the buyer or the use by the buyer of his rights, with the seller's consent, shall be understood as a delivery; or. in any other manner signifying an agreement that the possession is transferred from the seller to the buyer.
• The consignor and consignee are terms which are commonly used in the trading and transport sector. The consignor is the sender of goods and the consignee is the receiver of the goods (this can be the buyer or their agent).
• Where the seller of goods has a voidable title thereto, but his title has not been avoided at the time of the sale.  
• Where goods are shipped, and by the bill of lading the goods are deliverable to the order of the buyer or of his agent, but possession of the bill of lading is retained by the seller or his agent, the seller thereby reserves a right to the possession of the goods as against the buyer.
• bill of lading is a legal document issued by a carrier to a shipper that details the type, quantity, and destination of the goods being carried. A bill of lading also serves as a shipment receipt when the carrier delivers the goods at a predetermined destination.

Step-by-step explanation

1501

• Is used to designate that a person is in the use of the property of another, which the latter suffers and does not oppose. It also signifies the act by which the right of property is ceded in a thing to a person who is in possession of it; as, if I loan a boat to Paul, and deliver it to him, and afterwards I sell him the boat, it is not requisite that he should deliver the boat to me, to be again delivered to him there is a quasi tradition or delivery.
• A contract of sale is a specific type of contract in which one party is obligated to deliver and transfer ownership of a good to a second party, who in turn is obligated to pay for the good in money, or its equivalent. The party who is obligated to deliver the good is known as the vendor or seller.

1502

• Sale on Approval is a business arrangement wherein an individual or company who is interested in purchasing a specific item is allowed to use the item for a given length of time. At the end of that time, if the individual is satisfied with the item, they agree to purchase it.                                                                                                                                                                                    Sale or return is an arrangement by which a retailer pays only for goods sold, returning those that are unsold to the wholesaler or manufacturer. Sale or return agreements allow the retailer to return unsold stock, thus eliminating write-offs.
• With the agreement that products which are not sold will be taken back without having to be paid for The bookstore operates on sale or return.

1503

• Transfer of Title to goods, which have been identified to the contract of sale, passes from the seller to the buyer in any manner and on any conditions agreed upon by the parties to the contract of sale. The rule is that title to the goods passes when the parties intend it to pass. goods. Delivery of goods sold may be made by doing anything which the parties agree shall be treated as delivery or which has the effect of putting the goods in the possession of the buyer or of any person authorised to hold them on his behalf. When a document of title is required, title passes to a buyer when and where the document is delivered. When no document of title is required and delivery is made without moving the goods, title to identified goods passes when a contract for their sale is made.
• The ownership/property in goods is said to be transferred from the seller to the buyer once the goods are in deliverable state and the notice for the same is given by seller to the buyer. Till the time it's in non-deliverable state, then the ownership lies with the seller only.
• The consignor is the initial owner of the goods, while the consignee may simply be an agent, not actually taking ownership of the good.
• The buyer acquires a good title to the goods, provided he buys them in good faith, for value, and without notice of the seller's defect of title.
• The Bill of Lading means that the goods may be transferred to the holder of the BOL (the carrier) to be transferred to someone else (the consignee). Errors can result in additional charges and delayed delivery of your freight.
• A Bill of Lading has three primary functions: It is a contract of carriage between the carrier and the shipper. It is a receipt for shipped goods. It serves as a document of title of the goods. The bill of lading outlines the journey of your cargo from the origin to the destination. This is issued by a carrier to a shipper to detail the method and path of a shipment, and is used as a contract for the movement of the cargo.