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Hsaleofgoodsact
Hsaleofgoodsact
Hsaleofgoodsact
Hsaleofgoodsact
Hsaleofgoodsact
Hsaleofgoodsact
Hsaleofgoodsact
Hsaleofgoodsact
Hsaleofgoodsact
Hsaleofgoodsact
Hsaleofgoodsact
Hsaleofgoodsact
Hsaleofgoodsact
Hsaleofgoodsact
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Hsaleofgoodsact

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Important sections of Sale of Goods Act.

Important sections of Sale of Goods Act.

Published in: Economy & Finance, Business
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  • 1. Sale of Goods Act •Important points Agreement of Sale Sale Hire Purchase Agreement Unpaid seller & his rights Transfer of Ownership Caveat Emptor Conditions and Warranty SHANTILAL HAJERI
  • 2. Important Definitions S-2 (7) "goods" means every kind of moveable property other than actionable claims and money; and includes stock and shares, growing crops, grass, S-2(10) "price" means the money consideration for a sale of goods; S-2 (13) "seller" means a person who sells or agrees to sell goods; S-2(1) "buyer" means a person who buys or agrees to buy goods; SHANTILAL HAJERI
  • 3. Sale Vs. Agreement to sell S-4(3) Where under a contract of sale the property in the goods is transferred from the seller to the buyer, the contract is called a sale, Where the transfer of the property in the goods is to take place at a future time or subject to some condition thereafter to be fulfilled, the contract is called an agreement to sell. SHANTILAL HAJERI
  • 4. Conditions & Warranty S-12 (2) A condition is a stipulation essential to the main purpose of the contract, the breach of which gives rise to a right to treat the contract as repudiated. (3) A warranty is a stipulation collateral to the main purpose of the contract, the breach of which gives rise to a claim for damages but not to a right to reject the goods and treat the contract as repudiated.
  • 5. Implied Conditions 1) S-14 (a) Seller has right to sell. 2) S-15. Goods shall correspond with the description 3) S-17 Goods will correspond with the sample 4) Goods are reasonably fit for the purpose for which buyer has purchased the goods by informing the seller. 5) Goods shall be of merchantable quality I.e. commercially saleable. 6) Goods shall be wholesome, pure and unadulterated 7) Any other condition as per customer and usage.
  • 6. Implied Warranties 1) S-14 (b) Buyer has right to quite possession. 2) S-14 ©. Goods shall be free from encumbrance 3) S-17 Goods will correspond with the sample 4) Goods are reasonably fit for the purpose for which buyer has purchased the goods by informing the seller. 5) Seller should disclose the dangerous nature of goods. Implied conditions and warranties can be waived by mutual agreement.
  • 7. Transfer of Ownership 20. In case of the sale of goods in a deliverable state, the property in the goods passes to the buyer when the contract is made, and it is immaterial whether the time of payment of the price or the time of delivery of the goods, or both, is postponed. 21. If the seller is bound to do something to put them into a deliverable state, the property does not pass until such thing is done and the buyer has notice thereof. SHANTILAL HAJERI
  • 8. Risk in case of loss 26. The goods remain at the seller's risk until the property therein is transferred to the buyer, but when the property therein is transferred to the buyer, the goods are at the buyer's risk whether delivery has been made or not: Where delivery has been delayed through the fault of either buyer or seller, the goods are at the risk of the party in fault The duties or liabilities of either seller or buyer as a bailee of the goods will continue. SHANTILAL HAJERI
  • 9. 31. It is the duty of the seller to deliver the goods and of the buyer to accept and pay for them. 32. Payment and delivery are concurrent conditions Delivery of the goods and payment of the price are concurrent conditions. Both the parties should be ready to perform their part. SHANTILAL HAJERI Duties of Buyer & SellerDuties of buyer & seller
  • 10. "Unpaid seller" 45. "Unpaid seller" defined (1) The seller of goods is deemed to be an "unpaid seller" within the meaning of this Act.- (a) When the whole of the price has not been paid or tendered; (b) When a bill of exchange or other negotiable instrument has been received as payment and the same is dishonoured by drawee. SHANTILAL HAJERI
  • 11. Unpaid seller's rights 46. (1) the unpaid seller of goods has (a) a lien on the goods for the price while he is in possession of them; (b) a right of stopping the goods in transit after he has parted with the possession of them; (c) a right of re-sale (2) a right of withholding delivery similar to and co-extensive with his rights of lien and stoppage in transit where the property has passed to the buyer. Rights against buyer: Suit for price, damages and interest. Repudiation of contract. SHANTILAL HAJERI
  • 12. Hire Purchase Agreement It is a combination of 2 agreements. 1) Hiring Agreement + 2) Agreement of Sale Hire Purchaser has to pay instalments for a certain period. After paying the last instalment, he will become the owner. If he does not pay the instalment, the seller can take back the goods and need not refund the amount already received. Purchaser can exit from the contract by returning the goods. SHANTILAL HAJERI
  • 13. Caveat Emptor Let the Buyer beware. A buyer must exercise care in his own interest and he must satisfy himself about the suitability of goods purchased by him. Doctrine of Caveat Emptor is not applicable in case of implied conditions and warranties. SHANTILAL HAJERI
  • 14. Unpaid seller's rights 46. (1) the unpaid seller of goods has (a) a lien on the goods for the price while he is in possession of them; (b) a right of stopping the goods in transit after he has parted with the possession of them; (c) a right of re-sale (2) a right of withholding delivery similar to and co-extensive with his rights of lien and stoppage in transit where the property has passed to the buyer. SHANTILAL HAJERI

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