PLEASE READ THIS CHAPTERFROM BOOK AS WELLContract of Sales of GoodsAct, 1930Chapter 14
PLEASE READ THIS CHAPTERFROM BOOK AS WELLDefinitions/Concepts• Contract of Sales of Goods:“ A contract whereby the Seller transfersor agrees to transfers the Property ingoods to the buyers for a price.”• Goods means every kind of movableproperty other then actionable claims andmoney.
PLEASE READ THIS CHAPTERFROM BOOK AS WELL• Price:Money, consideration for a sale of Goods.• SellerA person who sells or agrees to sellgoods.• BuyerA person who buys or agrees to buygoods.Definitions/Concepts
PLEASE READ THIS CHAPTERFROM BOOK AS WELLEssentials of a Contract of Sale• Contract• Two Parties• Transfer of Property• Goods• Price• Sale and Agreement to Sell• Other Formalities.
PLEASE READ THIS CHAPTERFROM BOOK AS WELLIllustrations• A Sells his Computer to B for Rs.40,000.A is seller and B is Buyer.• A Sells his Car to B for Rs.80,000.TheOwnership and the possession of the carwill transfers from A to B.
PLEASE READ THIS CHAPTERFROM BOOK AS WELLIllustrations• Subject MatterA sells his car to B, for Rs.3 lac. It is acontact of sale because here the SubjectMatter i.e. car is a movable Thing.• A buys a book from S and Pays the WholePrice on A Counter. It is Sale.
PLEASE READ THIS CHAPTERFROM BOOK AS WELLIllustrations• A agree to Buy B’s Car for Rs. 2 Lac if hismechanic Approves the car.Its is an Agreement to Sell.
PLEASE READ THIS CHAPTERFROM BOOK AS WELLKinds of Goods• Existing Goods• Specific Goods• Unascertained Goods• Future Goods• Contingent Goods
PLEASE READ THIS CHAPTERFROM BOOK AS WELLDifference between Sale andAgreement to Sell.• Transfer of Property• Type of Goods• Nature of Rights• Risk of Loss
PLEASE READ THIS CHAPTERFROM BOOK AS WELL• Consequences of Breach• Right of Resale• Nature of Contract• Insolvency of Buyer and Seller.
Destruction of Goods1. Perishing before formation of Contract:seller is responsible2. Perishing before sale but after agreementto sell: buyer is responsible to receive3. Perishing of future and contingent goodsPLEASE READ THIS CHAPTERFROM BOOK AS WELL
Modes of Fixation of Price1. Parties2. Agreed manner3. Course of dealings4. Reasonable pricePLEASE READ THIS CHAPTERFROM BOOK AS WELL