sale of goods act, 1930 (2)
TRANSCRIPT
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Sale of Goods Act, 1930
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Sec 4(1) of the Sale of goods Act,1930, a contract of sale of GoodsAct is a contract whereby seller
transfer or agrees to transfer theproperty in goods to the buyer for aprice.
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Essential Elements of a Contract ofSale
Seller and Buyer
Goods
Transfer of general property Price
Essential elements of a valid
contract.
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Contract of Sale(Sec 4(3)
Sale Agreement to sell
Where the ownershipIn goods is transferred
Where the transfer ofOwnership in goods
Is to take place at a futureTime or subject to fulfilment of some
conditions
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Difference between Sale andAgreement to sell
Transfer of ownership Executed Contract or Executory Contract Conveyance of property
Transfer of Risk Rights of seller against the buyers breach. Rights of seller against the sellers breach. Effect of insolvency of seller having
possession of goods. Effect of insolvency of the buyer before
paying the price.
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Meaning of Goods
Goods means every kind of movableproperty other than actionable claimsand money, and includes the following:
1. Stock2. Growing crops, grass and things
attached to or forming part of the landwhich are agreed to be served beforesale or under the contract of sale
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Types of Goods
Goods
Existing Goods Future Goods Contingent Goods
1.Specific2.Ascertained
3.Unascertained
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Conditions and Warranties
Stipulation (Sec 12(1))A stipulation in a contract of sale of goods may be a conditionor warranty.
Condition(Sec 12(2))A condition is a stipuation
1. Where is essential to the main purpose of the contract, and2. The breach of which gives the aggrieved party a right to
terminate the contract.
Warranty(Sec 12(3))A warranty is a stipulation-
1. Which is collateral to the main purpose of the contract.2. The breach of which gives the aggrieved party a right to claim
damages but not a right to reject goods and to terminate thecontract.
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Condition and warranty -
Express condition and warranty
Implied condition and warranty
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Implied Conditions and warranties
Implied Conditions
1. Condition as to the title.
2. Condition in case of saleby description.
3. Condition in case of saleby sample.
4. Condition as to quality orfitness
5. Condition as tomerchantable quality
6. Condition as to thewholesomeness
7. Condition implied bycustoms.
Implied Warranties
1. Warranty as to quietpossession
2. Warranty of freedom fromencumbrances
3. Warranty as to quality orfitness for a particular fora particular purposeannexed by usage oftrade.
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Unpaid Seller(Sec 45(1)(2))
The seller of goods is deemed to bean unpaid seller-
1. When the whole of the price has notbeen paid or tendered.
2. When a bill of exchange or othernegotiable instrument has beenreceived as conditional payment ,and it has been dishonoured.
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Rights of unpaid seller
Against the goods
Against the buyer personally
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Right Against the Goods
Right against theGoods
Where the propertyIn goods has passed
To the buyer
Where the property in goodsHas not passed to the buyer
1. Right of lien2. Right of stoppage in Transit
3. Right of resale
1.Withholding delivery2.Lien
3. Stoppage in transit4.Resale
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Right against the buyer personally
Right against theBuyer personally
Suit for price Suit for damages Suit for interest
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