The document contains 25 multiple choice questions related to the Sale of Goods Act 1930 in India. Some key points covered include:
- Property in goods passes to the buyer when the parties intend it to pass or the price is paid, unless otherwise specified.
- An unpaid seller has the right to withhold delivery or stop goods in transit if the property in goods has not passed to the buyer.
- Implied conditions regarding quality and fitness only apply if the buyer relies on the seller's skill or the goods are of a type the seller usually supplies.
- On a 'sale or return' basis, property passes when the buyer signifies approval or retains the goods beyond a reasonable return period.
This document discusses key concepts from the Sale of Goods Act 1930 in India including:
[1] It provides definitions for terms like buyer, seller, goods, delivery, and mercantile agent.
[2] It distinguishes between different types of goods like existing, future, specific, ascertained, and unascertained goods.
[3] It explains the essential elements of a valid contract of sale and the difference between a sale and an agreement to sell.
[4] It discusses implied conditions in a contract of sale regarding title, description, sample, and merchantability. It also distinguishes conditions from warranties.
This document discusses key concepts from the Sales of Goods Act 1930 regarding the subject matter of contracts for the sale of goods. It defines what constitutes "goods" and discusses the classification of goods into existing goods, future goods, specific goods, and unascertained goods. It explains the effects of the destruction or damage of goods in different situations, such as before or after a contract is made. The document also discusses the doctrine of caveat emptor (let the buyer beware) and exceptions to it, as well as other concepts like price, ascertainment of price, and agreement to sell at valuation.
Bataa Tumur Vice president of Bat mining group Bataa Tumur
This document is a cover sheet and terms and conditions for a 2006 Master Coal Purchase and Sale Agreement between two parties. Some key details include:
- The agreement allows the parties to enter into individual coal purchase and sale transactions that are governed by the master agreement terms.
- It specifies contact information for invoicing, scheduling, payments, credit, and other functions for both parties.
- The terms and conditions cover matters like transaction procedures, confirmations, representations, term, obligations for purchase and sale of coal, scheduling, delivery methods and requirements.
- It includes options for remedies, financial protections, force majeure, events of default, and other standard contract clauses.
Chapter 21 – Performance of Sales Contracts UAF_BA330
This document discusses performance of sales contracts under the Uniform Commercial Code (UCC). It covers general rules of performance including delivery, inspection, payment, acceptance, rejection, assurance of performance, repudiation, and excuse. Key points include parties must act in good faith, delivery is generally at the seller's place of business, buyers have a right to inspect goods, and buyers can demand assurances from sellers and consider contracts repudiated if assurances are not provided.
The document is the Sale of Goods Act, which establishes rules and regulations regarding contracts for the sale of goods. It is divided into six parts covering: formation of contracts; effect of contracts; performance of contracts; rights of unpaid sellers; actions for breach of contract; and supplementary provisions. Key points covered include defining a sale versus agreement to sell; requirements for a valid contract depending on value; rules around transfer of property and risk; implied conditions and warranties; and remedies available to buyers and sellers in cases of breach.
The document provides an overview of the Sale of Goods Act, 1930 in India. Some key points:
- The Act was enacted in 1930 and borrowed from the English Sale of Goods Act. It defines a contract of sale as one where the seller transfers property in goods to the buyer for a price.
- It covers existing and future goods, passing of property between buyer and seller, implied conditions and warranties, remedies for breach, and effects of contracts on transfer of title.
- Key definitions include buyer, seller, goods, price, and conditions versus warranties. The rights and obligations of buyers and sellers are established, including around risk, defects, rejections, and more.
The document contains 25 multiple choice questions related to the Sale of Goods Act 1930 in India. Some key points covered include:
- Property in goods passes to the buyer when the parties intend it to pass or the price is paid, unless otherwise specified.
- An unpaid seller has the right to withhold delivery or stop goods in transit if the property in goods has not passed to the buyer.
- Implied conditions regarding quality and fitness only apply if the buyer relies on the seller's skill or the goods are of a type the seller usually supplies.
- On a 'sale or return' basis, property passes when the buyer signifies approval or retains the goods beyond a reasonable return period.
This document discusses key concepts from the Sale of Goods Act 1930 in India including:
[1] It provides definitions for terms like buyer, seller, goods, delivery, and mercantile agent.
[2] It distinguishes between different types of goods like existing, future, specific, ascertained, and unascertained goods.
[3] It explains the essential elements of a valid contract of sale and the difference between a sale and an agreement to sell.
[4] It discusses implied conditions in a contract of sale regarding title, description, sample, and merchantability. It also distinguishes conditions from warranties.
This document discusses key concepts from the Sales of Goods Act 1930 regarding the subject matter of contracts for the sale of goods. It defines what constitutes "goods" and discusses the classification of goods into existing goods, future goods, specific goods, and unascertained goods. It explains the effects of the destruction or damage of goods in different situations, such as before or after a contract is made. The document also discusses the doctrine of caveat emptor (let the buyer beware) and exceptions to it, as well as other concepts like price, ascertainment of price, and agreement to sell at valuation.
Bataa Tumur Vice president of Bat mining group Bataa Tumur
This document is a cover sheet and terms and conditions for a 2006 Master Coal Purchase and Sale Agreement between two parties. Some key details include:
- The agreement allows the parties to enter into individual coal purchase and sale transactions that are governed by the master agreement terms.
- It specifies contact information for invoicing, scheduling, payments, credit, and other functions for both parties.
- The terms and conditions cover matters like transaction procedures, confirmations, representations, term, obligations for purchase and sale of coal, scheduling, delivery methods and requirements.
- It includes options for remedies, financial protections, force majeure, events of default, and other standard contract clauses.
Chapter 21 – Performance of Sales Contracts UAF_BA330
This document discusses performance of sales contracts under the Uniform Commercial Code (UCC). It covers general rules of performance including delivery, inspection, payment, acceptance, rejection, assurance of performance, repudiation, and excuse. Key points include parties must act in good faith, delivery is generally at the seller's place of business, buyers have a right to inspect goods, and buyers can demand assurances from sellers and consider contracts repudiated if assurances are not provided.
The document is the Sale of Goods Act, which establishes rules and regulations regarding contracts for the sale of goods. It is divided into six parts covering: formation of contracts; effect of contracts; performance of contracts; rights of unpaid sellers; actions for breach of contract; and supplementary provisions. Key points covered include defining a sale versus agreement to sell; requirements for a valid contract depending on value; rules around transfer of property and risk; implied conditions and warranties; and remedies available to buyers and sellers in cases of breach.
The document provides an overview of the Sale of Goods Act, 1930 in India. Some key points:
- The Act was enacted in 1930 and borrowed from the English Sale of Goods Act. It defines a contract of sale as one where the seller transfers property in goods to the buyer for a price.
- It covers existing and future goods, passing of property between buyer and seller, implied conditions and warranties, remedies for breach, and effects of contracts on transfer of title.
- Key definitions include buyer, seller, goods, price, and conditions versus warranties. The rights and obligations of buyers and sellers are established, including around risk, defects, rejections, and more.
This document discusses key concepts relating to contracts for the sale of goods under Indian law. It begins by providing background on the Sale of Goods Act and then defines a contract of sale. The main elements of a contract of sale are that it involves the transfer of ownership of goods from a seller to a buyer in exchange for a price. The document goes on to distinguish between a sale, where ownership transfers immediately, and an agreement to sell, where transfer occurs later. It also discusses documents related to the sale of goods and implied conditions and warranties in contracts.
This document provides an overview of the Sale of Goods Act of 1930 in India. It defines key concepts such as a contract of sale, essential elements of a valid contract of sale, types of goods, implied conditions and warranties, rights of unpaid sellers, and available remedies for breach of contract. The Act regulates the sale of movable property and governs transactions between buyers and sellers of goods in India.
This document summarizes key provisions of ACT. 2137, also known as the WH Receipts Law, which regulates warehouse receipts in the Philippines. The law covers all warehouses and warehousemen engaged in storing goods for profit. It aims to regulate the rights and liabilities of parties in warehousing contracts, protect good faith purchasers of negotiable warehouse receipts, and facilitate the use of receipts as documents of title. The law requires warehouse receipts to contain certain essential terms and imposes obligations on warehousemen to carefully store and deliver goods. It also addresses issues like liability for misdelivery, cancellation requirements for negotiable receipts, and the effects of receipt alterations.
This document discusses letters of credit and summarizes key information on the topic in 3 parts:
Part 1 defines what a letter of credit is and discusses the difference between an irrevocable and confirmed letter of credit.
Part 2 explains that the Uniform Customs and Practice for Documentary Credits governs letters of credit and discusses relevant cases.
Part 3 summarizes the nature and purpose of letters of credit, the parties involved, their rights and obligations, and stages in a letter of credit transaction.
This document provides an overview of key concepts from the Sales of Goods Act of India including:
1. It outlines the essential elements of a valid contract of sale including two parties (buyer and seller), goods, price, and transfer of property.
2. It distinguishes between a sale, where property transfers immediately, and an agreement to sell, where property transfers later upon fulfillment of conditions.
3. It defines and compares conditions and warranties, with conditions going to the essence of the contract and warranties being collateral obligations where breach results in damages but not repudiation of the contract.
(i) A contract of sale is an agreement where the seller transfers ownership of movable goods to the buyer for a price.
(ii) It requires two parties, goods as the subject matter, transfer of property, and a price to be valid.
(iii) The contract can be for existing goods or future goods, and includes conditions, warranties, and the doctrine of caveat emptor (let the buyer beware), with exceptions for misrepresentation, unmerchantability, or unfitness of goods.
The document provides definitions and explanations of key concepts in the Sales of Goods Act 1930 in India. It begins with a brief history of the Act and its origins in English law. It then defines important terms like buyer, seller, delivery, documents of title, goods, price and property. It discusses the formation of contracts of sale and agreements to sell. It also covers types of goods, modes of ascertaining price, conditions and warranties implied in contracts. Throughout it provides examples and explanations to clarify the concepts.
This document discusses the characteristics and legal requirements of pledges and chattel mortgages under Philippine law. It defines pledge as an accessory contract where ownership is retained by the debtor and possession is held by the creditor or third party. Chattel mortgages similarly use movable property as security for a debt but involve registration. The document outlines the rights and obligations of parties to pledges and chattel mortgages and how they can be extinguished or foreclosed upon in the event of nonpayment.
The document discusses key aspects of the Sale of Goods Act in India including:
- The Sale of Goods Act governs contracts for the sale of goods and was enacted in 1930. Previously, sale of goods was governed by the Indian Contract Act of 1872.
- A sale involves the transfer of ownership of goods from the seller to the buyer. An agreement to sell involves the future transfer of ownership subject to conditions.
- For a valid contract of sale there must be two competent parties (buyer and seller), goods must be movable property, consideration must be money in the form of a price, and ownership must be transferred from seller to buyer.
- The document outlines different types of goods like existing, future
The document discusses key concepts relating to contracts of sale under the Sale of Goods Act 1957 in Malaysia. It covers definitions of a contract of sale, essential elements for a valid contract, implied terms and conditions in contracts of sale, and remedies for breach of conditions/warranties. Some key points summarized:
1) A contract of sale involves the transfer of ownership of goods from a seller to a buyer for a price. It requires offer, acceptance, consideration and intention to be bound.
2) Implied terms include the seller having title to sell the goods, goods being of merchantable quality and fit for the buyer's known purpose, and corresponding to any description or sample provided.
3)
This counter offer responds to a purchase agreement dated January 1, 2013 for a property located in an unspecified city in California, and proposes modified terms to the original offer including additional attached addenda. The counter offer will expire if not accepted in writing by 5:00 PM on the third day following the later of the dates signed by the buyer and seller unless an alternate expiration date is specified. The seller reserves the right to accept other offers prior to acceptance of this counter offer.
The document discusses various clauses commonly found in reinsurance contracts. It describes clauses related to facultative and treaty wordings, including clauses for proportional and non-proportional treaties. For proportional treaties it covers cession, accounting, premium, claims, and portfolio transfer clauses. For non-proportional treaties it discusses basis of cover, premium, ultimate net loss, limits/deductibles, reinstatement, claims, and currency fluctuation clauses. The document provides details on the purpose and content of these standard reinsurance contract clauses.
Business Law - Sales of Goods Act Case StudiesNeville Chesan
The document discusses four legal cases related to sale of goods and consumer disputes:
1) Ravinder Raj vs Maruti Udyog involved a dispute over payment of increased excise duty on a car. The Supreme Court dismissed the petitioner's claim based on sections of the Sale of Goods Act.
2) JCL International vs Bharat Petroleum concerned fixing the price of LPG cylinders. The court ruled the provisional price could be revised based on the contract and Sale of Goods Act.
3) Ammireddy Oils vs Oriental Insurance involved an insurance claim for goods damaged in a fire. The court awarded partial payment based on the policy terms.
4) C.N.
Real estate purchase contract (rds) (rev. 05 11)cdukelow
This document is a real estate purchase contract for a property located in Santa Clara, California. It lists the buyers and purchase price of $1,000,000. It details the financing terms which include a $30,000 deposit, $170,000 additional deposit, and $800,000 loan. The contract contains standard clauses around agency, contingencies for financing and appraisal, representation of buyer funds, inclusion of fixtures and fittings, and delivery of related documents.
This document summarizes key aspects of the Sale of Goods Act 1930 in India. It defines a contract for sale of goods and outlines essential elements like two parties, goods as the subject matter, price, and agreement to transfer ownership. A distinction is made between a sale, which immediately transfers property, and an agreement to sell, which transfers property at a future date. Goods are classified as existing, future, or contingent. A breach of condition allows repudiation of the contract while a breach of warranty only allows damages claims. Acceptance of goods usually treats a condition breach as a warranty breach.
The document discusses several key aspects of contract law:
1. The parol evidence rule, which generally prevents extrinsic evidence from varying or interpreting a written contract. There are exceptions where the written agreement was not intended as the whole contract or where evidence aids in establishing validity, implied terms, or operation of the contract.
2. Whether statements made during negotiations are representations or terms, which determines available remedies if incorrect. Intent, timing, importance, reduction to writing, and special knowledge are considered.
3. The classification of terms as conditions or warranties, where a breach of a condition allows contract repudiation but a warranty breach only allows damages. Some terms may have intermediate status depending on breach consequences
This document discusses key concepts from Chapter 4 of the Sale of Goods Act 1930. It begins by defining a contract of sale and outlining its essential elements. It distinguishes between a sale, where ownership transfers immediately, and an agreement to sell, where ownership transfers at a future date. It defines goods and documents of title to goods. It discusses classification of goods, the importance of price, and the distinction between conditions and warranties in a contract of sale.
Chapter 22 – Remedies for Breach of Sales ContractsUAF_BA330
The document discusses remedies for breach of sales contracts. It covers agreed upon remedies in contracts, liquidated damages clauses, limitation or exclusion clauses, sellers' remedies if the buyer breaches including canceling the contract, reselling goods, and recovering damages. It also discusses buyers' remedies if the seller breaches such as covering and recovering damages. The document provides examples of relevant cases to illustrate points. It discusses duties to mitigate damages and compares remedies under the Uniform Commercial Code and Convention on International Sale of Goods.
The document discusses the key aspects of a contract of sale under Indian law. It begins by defining a contract of sale and differentiating between a sale and an agreement to sell. It then covers the essential elements of a valid contract of sale, implied conditions and warranties, caveat emptor, and how the transfer of property occurs. Specifically, it examines how property is transferred for unascertained goods, specific goods, and goods sold on approval. The document provides a comprehensive overview of contract of sale with examples to illustrate important legal concepts.
The Specific Relief of Act 1877
The Law of Limitation Act, 1908
ARNAB KUMAR DAS
Port City International University,
Chittagong, Bangladesh.
SID: LLB 00305037
This document discusses key concepts relating to contracts for the sale of goods under Indian law. It begins by providing background on the Sale of Goods Act and then defines a contract of sale. The main elements of a contract of sale are that it involves the transfer of ownership of goods from a seller to a buyer in exchange for a price. The document goes on to distinguish between a sale, where ownership transfers immediately, and an agreement to sell, where transfer occurs later. It also discusses documents related to the sale of goods and implied conditions and warranties in contracts.
This document provides an overview of the Sale of Goods Act of 1930 in India. It defines key concepts such as a contract of sale, essential elements of a valid contract of sale, types of goods, implied conditions and warranties, rights of unpaid sellers, and available remedies for breach of contract. The Act regulates the sale of movable property and governs transactions between buyers and sellers of goods in India.
This document summarizes key provisions of ACT. 2137, also known as the WH Receipts Law, which regulates warehouse receipts in the Philippines. The law covers all warehouses and warehousemen engaged in storing goods for profit. It aims to regulate the rights and liabilities of parties in warehousing contracts, protect good faith purchasers of negotiable warehouse receipts, and facilitate the use of receipts as documents of title. The law requires warehouse receipts to contain certain essential terms and imposes obligations on warehousemen to carefully store and deliver goods. It also addresses issues like liability for misdelivery, cancellation requirements for negotiable receipts, and the effects of receipt alterations.
This document discusses letters of credit and summarizes key information on the topic in 3 parts:
Part 1 defines what a letter of credit is and discusses the difference between an irrevocable and confirmed letter of credit.
Part 2 explains that the Uniform Customs and Practice for Documentary Credits governs letters of credit and discusses relevant cases.
Part 3 summarizes the nature and purpose of letters of credit, the parties involved, their rights and obligations, and stages in a letter of credit transaction.
This document provides an overview of key concepts from the Sales of Goods Act of India including:
1. It outlines the essential elements of a valid contract of sale including two parties (buyer and seller), goods, price, and transfer of property.
2. It distinguishes between a sale, where property transfers immediately, and an agreement to sell, where property transfers later upon fulfillment of conditions.
3. It defines and compares conditions and warranties, with conditions going to the essence of the contract and warranties being collateral obligations where breach results in damages but not repudiation of the contract.
(i) A contract of sale is an agreement where the seller transfers ownership of movable goods to the buyer for a price.
(ii) It requires two parties, goods as the subject matter, transfer of property, and a price to be valid.
(iii) The contract can be for existing goods or future goods, and includes conditions, warranties, and the doctrine of caveat emptor (let the buyer beware), with exceptions for misrepresentation, unmerchantability, or unfitness of goods.
The document provides definitions and explanations of key concepts in the Sales of Goods Act 1930 in India. It begins with a brief history of the Act and its origins in English law. It then defines important terms like buyer, seller, delivery, documents of title, goods, price and property. It discusses the formation of contracts of sale and agreements to sell. It also covers types of goods, modes of ascertaining price, conditions and warranties implied in contracts. Throughout it provides examples and explanations to clarify the concepts.
This document discusses the characteristics and legal requirements of pledges and chattel mortgages under Philippine law. It defines pledge as an accessory contract where ownership is retained by the debtor and possession is held by the creditor or third party. Chattel mortgages similarly use movable property as security for a debt but involve registration. The document outlines the rights and obligations of parties to pledges and chattel mortgages and how they can be extinguished or foreclosed upon in the event of nonpayment.
The document discusses key aspects of the Sale of Goods Act in India including:
- The Sale of Goods Act governs contracts for the sale of goods and was enacted in 1930. Previously, sale of goods was governed by the Indian Contract Act of 1872.
- A sale involves the transfer of ownership of goods from the seller to the buyer. An agreement to sell involves the future transfer of ownership subject to conditions.
- For a valid contract of sale there must be two competent parties (buyer and seller), goods must be movable property, consideration must be money in the form of a price, and ownership must be transferred from seller to buyer.
- The document outlines different types of goods like existing, future
The document discusses key concepts relating to contracts of sale under the Sale of Goods Act 1957 in Malaysia. It covers definitions of a contract of sale, essential elements for a valid contract, implied terms and conditions in contracts of sale, and remedies for breach of conditions/warranties. Some key points summarized:
1) A contract of sale involves the transfer of ownership of goods from a seller to a buyer for a price. It requires offer, acceptance, consideration and intention to be bound.
2) Implied terms include the seller having title to sell the goods, goods being of merchantable quality and fit for the buyer's known purpose, and corresponding to any description or sample provided.
3)
This counter offer responds to a purchase agreement dated January 1, 2013 for a property located in an unspecified city in California, and proposes modified terms to the original offer including additional attached addenda. The counter offer will expire if not accepted in writing by 5:00 PM on the third day following the later of the dates signed by the buyer and seller unless an alternate expiration date is specified. The seller reserves the right to accept other offers prior to acceptance of this counter offer.
The document discusses various clauses commonly found in reinsurance contracts. It describes clauses related to facultative and treaty wordings, including clauses for proportional and non-proportional treaties. For proportional treaties it covers cession, accounting, premium, claims, and portfolio transfer clauses. For non-proportional treaties it discusses basis of cover, premium, ultimate net loss, limits/deductibles, reinstatement, claims, and currency fluctuation clauses. The document provides details on the purpose and content of these standard reinsurance contract clauses.
Business Law - Sales of Goods Act Case StudiesNeville Chesan
The document discusses four legal cases related to sale of goods and consumer disputes:
1) Ravinder Raj vs Maruti Udyog involved a dispute over payment of increased excise duty on a car. The Supreme Court dismissed the petitioner's claim based on sections of the Sale of Goods Act.
2) JCL International vs Bharat Petroleum concerned fixing the price of LPG cylinders. The court ruled the provisional price could be revised based on the contract and Sale of Goods Act.
3) Ammireddy Oils vs Oriental Insurance involved an insurance claim for goods damaged in a fire. The court awarded partial payment based on the policy terms.
4) C.N.
Real estate purchase contract (rds) (rev. 05 11)cdukelow
This document is a real estate purchase contract for a property located in Santa Clara, California. It lists the buyers and purchase price of $1,000,000. It details the financing terms which include a $30,000 deposit, $170,000 additional deposit, and $800,000 loan. The contract contains standard clauses around agency, contingencies for financing and appraisal, representation of buyer funds, inclusion of fixtures and fittings, and delivery of related documents.
This document summarizes key aspects of the Sale of Goods Act 1930 in India. It defines a contract for sale of goods and outlines essential elements like two parties, goods as the subject matter, price, and agreement to transfer ownership. A distinction is made between a sale, which immediately transfers property, and an agreement to sell, which transfers property at a future date. Goods are classified as existing, future, or contingent. A breach of condition allows repudiation of the contract while a breach of warranty only allows damages claims. Acceptance of goods usually treats a condition breach as a warranty breach.
The document discusses several key aspects of contract law:
1. The parol evidence rule, which generally prevents extrinsic evidence from varying or interpreting a written contract. There are exceptions where the written agreement was not intended as the whole contract or where evidence aids in establishing validity, implied terms, or operation of the contract.
2. Whether statements made during negotiations are representations or terms, which determines available remedies if incorrect. Intent, timing, importance, reduction to writing, and special knowledge are considered.
3. The classification of terms as conditions or warranties, where a breach of a condition allows contract repudiation but a warranty breach only allows damages. Some terms may have intermediate status depending on breach consequences
This document discusses key concepts from Chapter 4 of the Sale of Goods Act 1930. It begins by defining a contract of sale and outlining its essential elements. It distinguishes between a sale, where ownership transfers immediately, and an agreement to sell, where ownership transfers at a future date. It defines goods and documents of title to goods. It discusses classification of goods, the importance of price, and the distinction between conditions and warranties in a contract of sale.
Chapter 22 – Remedies for Breach of Sales ContractsUAF_BA330
The document discusses remedies for breach of sales contracts. It covers agreed upon remedies in contracts, liquidated damages clauses, limitation or exclusion clauses, sellers' remedies if the buyer breaches including canceling the contract, reselling goods, and recovering damages. It also discusses buyers' remedies if the seller breaches such as covering and recovering damages. The document provides examples of relevant cases to illustrate points. It discusses duties to mitigate damages and compares remedies under the Uniform Commercial Code and Convention on International Sale of Goods.
The document discusses the key aspects of a contract of sale under Indian law. It begins by defining a contract of sale and differentiating between a sale and an agreement to sell. It then covers the essential elements of a valid contract of sale, implied conditions and warranties, caveat emptor, and how the transfer of property occurs. Specifically, it examines how property is transferred for unascertained goods, specific goods, and goods sold on approval. The document provides a comprehensive overview of contract of sale with examples to illustrate important legal concepts.
The Specific Relief of Act 1877
The Law of Limitation Act, 1908
ARNAB KUMAR DAS
Port City International University,
Chittagong, Bangladesh.
SID: LLB 00305037
The document discusses various modes of discharge of a contract, including:
1) By performance, where both parties fulfill their obligations under the contract.
2) By impossibility of performance, such as an agreement becoming impossible or unlawful to perform.
3) By agreement between the parties, through novation, alteration, rescission, remission, or waiver.
4) By operation of law, such as due to insolvency or the lapse of time under limitation laws.
5) By breach of contract, where a party fails to perform their obligations or makes performance impossible.
The document summarizes key aspects of the Sale of Goods Act of 1930 in India. It defines a contract for sale of goods as one where the seller transfers ownership of goods to the buyer for a monetary price. A sale transfers ownership at the time of contract, while an agreement to sell transfers ownership conditionally at a later time. The essential elements of a sale of goods contract are: it is bilateral, involves transferring property, concerns goods, and includes a price. The document also distinguishes between sale contracts and other similar agreements like bailment, contracts for work/labor, and hire purchase agreements.
This memorandum analyzes arguments for Company A to recover goods from Company C in the absence of title to the goods. It finds that:
1) The contract between Company B and Company C is ambiguous as to whether it transferred title of certain goods to Company C. Parol evidence could show the parties intended for Company B to retain title.
2) Even if the contract transferred title, Company A has a special property interest in the goods from its contract with Company B, allowing it to recover the goods from Company C.
3) The UCC allows Company A to bring any claims Company B has against Company C, such as for replevin or conversion since Company B likely retained title to the goods.
The document discusses various topics related to commercial law in India including agreements to sale, ascertainment of price under the Sale of Goods Act, rights of an unpaid seller, bill of lading, negotiable instruments, partnership law, and rights and duties of parties in bailment, agency, and suretyship agreements. It provides explanations and examples for each topic.
The document discusses key concepts related to contracts under the Indian Contract Act such as the definition of a contract, essential elements of a valid contract, definition of offer and acceptance, consideration, void and voidable contracts, competency of parties, and free consent. It provides definitions and explanations of these concepts along with examples. Some key points covered include that a contract requires an agreement enforceable by law, consideration can be past, present or future but must be real, and consent obtained through coercion or undue influence makes a contract voidable.
This document discusses various ways in which a contract can be discharged or terminated, including:
1. By performance or tender of performance by both parties
2. By mutual consent through methods like novation, rescission, alteration, or waiver
3. By impossibility of performance if the subject matter is destroyed or performance becomes impossible
4. By operation of law due to events like death, insolvency, or loss of evidence
5. By lapse of time if the period of limitations expires
6. By breach of contract if one party fails to perform their obligations
It then outlines several remedies available to an injured party for breach of contract, such as damages, rescission, specific performance
1. A contract of indemnity involves two parties, where one party promises to compensate the other for any loss or liability incurred. A contract of guarantee involves three parties, where a guarantor promises the creditor to compensate for the debt if the principal debtor defaults.
2. The key differences are: in indemnity the indemnifier's liability is primary while in guarantee the surety's liability is secondary; indemnity covers future losses while guarantee covers existing debts; and the surety can recover from the principal debtor, while the indemnifier can only recover from the indemnity holder.
3. For a guarantee to be valid, it must satisfy the requirements of a contract and
The document summarizes key aspects of contracts for the sale of goods under the Sale of Goods Act 1930 in India.
It defines a contract of sale of goods as one where the seller transfers ownership of goods to the buyer for a price. It also discusses essential elements, types of goods, implied conditions regarding title, description, merchantability and fitness for a particular purpose. Breach of a condition allows the buyer to reject the goods, while breach of a warranty only permits damages. The document outlines the differences between conditions and warranties.
This document provides an overview of specific relief under Indian law. It discusses key concepts like specific performance of contracts and recovery of possession of property. Specific relief refers to a form of judicial remedy where a party is compelled by a civil court to do or refrain from doing a certain act. The Specific Relief Act of 1877 governs specific relief in India and is based on principles of equity. It allows for specific performance of contracts for sale of immovable property, partial performance of contracts where part of the obligation cannot be fulfilled, and rights of purchasers against vendors with imperfect title. Certain types of contracts cannot be specifically enforced, such as those requiring continuous performance over 3 years or those with uncertain terms.
The document discusses various types of mortgages under Bangladesh law including simple mortgages, mortgages by conditional sale, usufructuary mortgages, English mortgages, and mortgages by deposit of title deeds. It defines key terms like mortgagor and mortgagee. It also summarizes the rights and obligations of mortgagors, including the right to redeem the mortgaged property, accessions to the property, improvements, and implied contracts.
he Specific Relief Act, 1963 is an Act of the Parliament of India which provides remedies for persons whose civil or contractual rights have been violated. It replaced an earlier Act of 1877. The following kinds of remedies may be granted by a court under the provisions of the Specific Relief Act:
Recovery of possession of property
Specific performance of contracts
Rectification of instruments
Rescission of contracts
Cancellation of Instruments
Declaratory decrees
Injunction
This document appears to be part of an act from Bangladesh related to specific relief. It begins with a preamble stating it is to define and amend the law relating to certain kinds of specific relief obtainable in civil suits. It then provides definitions for terms used in the act like obligation, trust, and trustee. The act discusses different types of specific relief that can be granted, including taking possession of property, ordering a party to perform an act, and preventing a party from acting. It provides guidance on recovering possession of both immovable and movable property and on the specific performance of contracts.
Conditions, warranties & rights of an unpaid sellerJigisha Dave
This document discusses the rights of an unpaid seller under contract law. It defines an unpaid seller as one where the full price has not been paid or a negotiable instrument like a bill of exchange has been dishonored.
An unpaid seller has rights against the goods, including lien, stoppage in transit, and re-sale of perishable goods under certain conditions. They also have rights against the buyer personally, such as suing for the price, damages, or interest.
The document outlines the differences between conditions and warranties in a sales contract. It also discusses implied conditions and warranties as well as the rights and remedies available to both buyers and sellers in the case of a breach of contract of sale.
The document summarizes key aspects of the Sale of Goods Act 1930 in India. It defines a contract of sale as one where the seller transfers ownership of goods to the buyer for a price. A sale involves immediate transfer of ownership, while an agreement to sell involves future transfer. The act establishes rules for determining when ownership transfers. It also distinguishes conditions from warranties in a contract and implies certain conditions and warranties, such as the buyer's right to title and quiet possession of goods.
The document summarizes key concepts in purchasing law related to breach of contract, repudiation, and excuses for non-performance. It discusses a seller's potential breaches including repudiation, failure to deliver, late or incorrect delivery, and delivery of non-conforming goods. It also addresses a buyer's rights and remedies after a seller's breach or repudiation, including cover and market damages. The summary provides an overview of key issues like acceptance, rejection, and revocation of acceptance of goods.
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Question 1 asks about the validity of a pledge contract where goods were left in possession of the pledgor. It also asks about the correctness of two statements regarding contracts with minors and variation of terms discharging a surety. Question 2 discusses whether a shareholder can exercise voting rights when their shares were transferred within the specified period in the articles and the grounds for excluding voting rights. It also asks about the nature of share warrants and requirement of articles of association.
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2. 1. 50 multiple choice questions
2. Write down your answers on a separate sheet of paper
3. Answer key located at the end of test
3. 1. §2-501(1) Identification under Article 2 refers to :
A. Specific goods the buyer has failed to make an effective
rejection of, but has had the opportunity to inspect them.
B. Conforming goods the buyer has inspected and taken
physical possession of.
C. Fungible goods to which the document of title refers that
are in accordance with the obligations under the
contract.
D. Existing goods referred to by contract even though goods
may be nonconforming and the buyer has the option to
return or reject them.
4. 2. §2-501(1)(a)(b)(c) In the absence of an explicit
agreement, which statement is NOT true regarding
identification:
A. Identification occurs when the contract is made for goods
already existing and identified.
B. If the contract for sale is for unborn young, identification
occurs when young are born within nine months of
contracting.
C. For future goods, identification occurs when goods are
shipped, marked, or designated by the seller.
D. Identification occurs when crops are planted or otherwise
become growing crops.
5. 3. § 2A-103(1)(t) A merchant lessee is a lessee that is a
merchant with respect to:
A. Knowledge of the kind subject to the lease
B. Goods of the kind subject to the lease
C. Security interest of the kind subject to the lease
D. Leasehold interest of the kind subject to the lease
6. 4. §2A-104(1)(a)(b)(c) A lease, although subject to this
Article, is also subject to any of the following EXCEPT:
A. Consumer protection statute of this State
B. Certificate of title statute of this State
C. Consumer protection statue of another State
D. Certificate of title statute of another jurisdiction
7. 5. §1-201(b)(26) Subject to the UCC, a party is defined as
a person that has:
A. Made an agreement
B. Pursued a remedy
C. Engaged in a performance
D. Signed a contract
8. 6. §§2-203, 2A-203 Which statement is correct about
affixing a seal to a contract for sale(or lease contract):
A. Affixing of a seal constitutes the writing as a sealed
instrument.
B. Affixing of a seal does not constitute the writing as a
sealed instrument.
C. Affixing of a seal provides evidence of an offer to buy,
lease, or sell goods.
D. Affixing of a seal evidences an authentically signed
writing.
9. 7. §1-201(b)(25) A person other than an individual is called
a(an):
A. Organization
B. Bank
C. Branch
D. Holder
10. 8. §2-106(1) A contract for sale is defined as:
A. A contract for the present sale of goods.
B. A contract for the future sale of goods.
C. A contract for the present sale or future sale of goods.
D. A contract consisting of the passing of title from seller to
buyer.
11. 9. §2-201(2) How long does the receiving party have to give
written objection to a writing received in confirmation of a
contract between merchants:
A. 30 days
B. 15 days
C. 10 days
D. 7 days
12. 10. §1-206 Whenever the UCC creates a “presumption” of a
fact, or provides that a fact is “presumed”, it means:
A. The trier of fact must prove that the nonexistence of the
fact is more probable than its existence.
B. The trier of fact must find the nonexistence of the fact
unless and until the evidence is introduced that supports
the contrary.
C. The trier of fact must prove that the existence of the fact
is more probable than its nonexistence.
D. The trier of fact must find the existence of the fact unless
and until evidence is introduced that supports the
contrary.
13. 11. §2A-103(1)(n) A person who acquires the right to
possession and use of goods under a lease is known as a:
A. Lessee
B. Lessor
C. Lessee in the ordinary course of business
D. Lessor in the ordinary course of business
14. 12. §§2-202(a)(b), 2A-202(a)(b) Final written expression of the
parties’ terms of agreement may NOT be explained or
supplemented by:
A. Course of dealing and usage of trade
B. Evidence of a prior agreement or oral agreement
C. Course of performance and usage of trade
D. Evidence of consistent additional terms
15. 13. §2-712(1) In the event of a breach, the buyer may make (or contract
to make) any reasonable purchase of goods in substitution for those
due from the seller. This is known as a(an):
A. Encumbrance
B. Fixture filing
C. Cover
D. Remedy
16. 14. §2A-103(1)(o) A person who in good faith and without knowledge
that the lease to him violates the ownership rights, security interest, or
leasehold interest of a 3rd party in the goods, and leases from a
person in the business of selling(leasing) such goods is known as a:
A. Lessee in ordinary course of business
B. Lessor in ordinary course of business
C. Buyer in ordinary course of business
D. Seller in ordinary course of business
17. 15. §§2-206(1)(a)(b), 2A-206(1) Unless clearly indicated by the
language/circumstances, all of the following shall be construed
as inviting acceptance in the form of a contract EXCEPT:
A. An offer to make a contract and by any reasonable
medium.
B. An order to buy goods for prompt shipment with the
seller’s prompt promise to ship the goods.
C. An offer to buy goods for current shipment with seller
promptly or currently shipping the goods.
D. An accommodation of nonconforming goods with seller
seasonably notifying buyer of the accommodation.
18. 16. §1-201(b)(19) Free of forgery or counterfeiting is
generally referred to as:
A. Bona fide
B. Insolvent
C. Genuine
D. Good faith
19. 17. §2A103(1)(o) A lessee in the ordinary course of business
does NOT include:
A. Leasing goods by exchange of property or on unsecured
credit.
B. Acquiring goods in a transfer in bulk or as security for a
money debt.
C. Receiving goods or documents of title under a pre-
existing contract.
D. Leasing goods from a person in the business of selling or
leasing goods of the kind.
20. 18. §2A-103(1)(m) Leasehold interest is defined as:
A. The interest of the lessor under a lease contract.
B. The interest of the lessee under a lease contract.
C. The interest of the merchant under a lease contract.
D. The interest of the lessor or the lessee under a lease
contract.
21. 19. §§2-316(3)(a)(b)(c), 2A-214(3)(a)(b)(c) An implied warranty
may be modified or excluded in all of the following
circumstances EXCEPT:
A. When the buyer(lessee) after entering into the contract
has examined or refused to examine the goods.
B. When language calls the buyer’s(lessee’s) attention to the
exclusion of warranties.
C. When expressions like “as is” or “with all faults” are used.
D. When the circumstance involves course of dealing,
course of performance, or usage of trade.
22. 20. §1-201(b)(37) Any symbol executed or adopted with present
intention to adopt or accept a writing is referred to as:
A. Genuine
B. Signed
C. Conspicuous
D. Entrusting
23. 21. §§2-316(2), 2A-214(2) To exclude or modify any implied
warranty of fitness it must be:
A. In writing
B. conspicuous
C. In writing or conspicuous
D. In writing and conspicuous
24. 22. §1-201(b)(2) An aggrieved party is a party entitled to:
A. Pursue an action
B. Pursue a remedy
C. Receive monetary damages
D. Receive an authenticated record
25. 23. §1-105 Which statement is true regarding severability of the
UCC:
A. A UCC provision applies to a transaction to the extent it
is governed by another provision of the UCC.
B. Intended as a unified coverage of its subject matter, no
part of the UCC shall be deemed to be impliedly repealed
by legislation if such construction can be avoided.
C. If any provision of the UCC is held invalid, the invalidity
does not effect other provisions of the UCC, which can be
given effect without the invalid provision.
D. Unless displaced by a particular provision of the UCC,
validating and invalidating causes supplement its
provisions.
26. 24. §1-201(b)(23) Insolvent means all of the following
EXCEPT:
A. Being insolvent within the meaning of federal
bankruptcy law.
B. Having ceased to pay debts in the ordinary course of
business.
C. Possessing a higher debt-to-income ratio.
D. Being unable to pay debts as they become due.
27. 25. §2-327(1)(a)(b)(c) Which special incident is NOT correct
under a sale on approval of identified goods:
A. Risk of loss and the title do not pass to the buyer until
acceptance.
B. Use of the goods consistent with the purpose of trial is
acceptance.
C. After notification of election to return goods, the return
is at the seller’s risk and expense.
D. Acceptance of any part of conforming goods is acceptance
of the whole.
28. 26. §2-327(2)(a)(b) Unless otherwise agreed, under a sale or
return:
A. The return is at the buyer’s risk and expense.
B. The return is at the seller’s risk and expense.
C. The option to return extends only to the whole of any
commercial unit of goods in their original condition.
D. The option to return extends to any commercial unit of
goods if exercised seasonably within 10 days.
29. 27. §2A-309(1)(a) According to Article 2A, when do goods
become fixtures:
A. When they are installed in or affixed to other goods.
B. When a mortgage filing on the real estate is filed.
C. When a lease for building materials are incorporated into
an improvement on land.
D. When they become so related to the real estate that an
interest in them arises under real estate law.
30. 28. §§2-612(3), 2A-510(2) An aggrieved party reinstates an
installment (installment lease) contract previously under default
by all of the following EXCEPT:
A. He seasonably notifies seller of a defect in the required
documents.
B. He demands performance of future installments.
C. He accepts a non-conforming installment without
seasonably notifying of cancellation.
D. He brings an action only to past installments.
31. 29. §2-312(1)(b) A warranty by the seller that goods shall be
delivered free from any lien, encumbrance, or security interest is
called a:
A. Warranty of affirmation
B. Warranty of merchantability
C. Warranty of title
D. Warranty of promise
32. 30. §2-305(1)(b)(c) If a contract is concluded with an unsettled
price, the price is considered reasonable at the time of delivery:
A. If the price is to be agreed upon by the parties, and they
fail to agree.
B. If the price is to be fixed in terms of an agreed market as
recorded by a third person, and is not recorded.
C. If the price is to be fixed in terms of an agreed market as
set by an agency, and is not set.
D. All the above
33. 31. §1-201(b)(15) Means voluntary transfer of possession, with
respect to an instrument, document of title, or chattel paper:
A. Send
B. Delivery
C. Sale
D. Notice
34. 32. §2A-211(2) A lessor who is a merchant warrants that the
goods delivered are free of the rightful claim of any person by
way of infringement EXCEPT in a(an):
A. Consumer lease
B. Finance lease
C. Installment lease
D. Purchase money lease
35. 33. §§2-209(1), 2A-208(1) An agreement modifying a contract:
A. Needs no consideration to be binding.
B. Needs to be in writing.
C. Needs to be on a form supplied by one party and
separately signed by the other.
D. Needs to satisfy the requirements of the statute of frauds.
36. 34. §2-207(2)(a)(b)(c) Additional terms are to be viewed as additional
proposals to the contract, and will become part of the contract unless
any one of the following takes place EXCEPT when:
A. Notification of objection to them has already been given.
B. The additional terms materially alter it.
C. The offer expressly limits acceptance to the terms of offer.
D. Stated terms are different from those offered or agreed
upon.
37. 35. §1-305(a) The remedies provided under the UCC must be
liberally administered to the end that:
A. A claim or right may not be discharged without
consideration by agreement of the aggrieved party.
B. Any obligation or right declared by the aggrieved party is
enforceable by action.
C. An aggrieved party may be put in as good a position as if
the other party had fully performed.
D. Consequential, special, or penal damages may be sought
by an aggrieved party.
38. 36. §1-201(b)(10) With reference to a term, a heading in capitals
equal to or greater in size than surrounding text, or in
contrasting type, font, or color is referred to as:
A. Genuine
B. Conspicuous
C. A writing
D. An action
39. 37. §§2-302(2), 2A-108(3) What kind of evidence will the court
allow parties to present of the contract(lease) before making a
finding of unconscionability:
A. The setting, purpose, and effect of the contract(lease).
B. The purpose, basis of value, and inception of the
contract(lease).
C. The bargaining power, purpose, and fairness of the
contract(lease).
D. The intended effect, basis of value, and lack of
understanding of the contract(lease).
40. 38. §1-201(b)(38) Which one of the following is Not considered a
State under the UCC:
A. District of Columbia
B. US Virgin Islands
C. Puerto Rico
D. Cayman Islands
41. 39. §2-210(2) Unless otherwise agreed, all rights of seller or
buyer can be assigned with exceptions. Which one of the
following in NOT an exception to the assigning of rights:
A. If the assignment materially changes the duty of the
other party
B. If the assignment materially increases the burden
imposed by contract on the other party
C. If the assignment materially alters the demand for
assurances from the other party
D. If the assignment materially impair the other party’s
chance of obtaining return performance
42. 40. §2A-105 Compliance(or noncompliance) of goods covered
by a certificate of title are governed by the law of the jurisdiction
issuing the certificate until the earlier of:
A. The expiration of the certificate and 3 months after goods
are removed from the jurisdiction.
B. The expiration of the certificate or until a new certificate
of title is issued by another jurisdiction.
C. The surrender of the certificate or 4 months after the
goods are removed from that jurisdiction and until a new
certificate is issued by another jurisdiction.
D. The surrender of the certificate and 3 months after the
goods are removed from the jurisdiction.
43. 41. §2A-103(1)(g)(i) Which statement is true concerning a finance
lease:
A. The lessor does not select, manufacture, or supply the
goods.
B. The lessor does not acquire the goods in connection with
the lease until the lessee receives a copy of the contract.
C. The lessor does not select, manufacture, or supply the
goods before lessee’s approval of the contract.
D. The lessor does not obtain the right to possession of the
goods before the lessee has signed the contract.
44. 42. §1-201(b)(23)(A)(B)(C) Insolvent generally means:
A. Insolvent within the meaning of federal bankruptcy law
or having refused to pay debts on time
B. Unable to pay debts as they come due or having ceased to
pay debts in the ordinary course of business
C. Having ceased to pay debts as a result of a bona fide
dispute or declaring bankruptcy under state law
D. All of the above
45. 43. §2-311(2) Unless otherwise agreed, specifications relating to
the assortment of goods are at the option of the:
A. Buyer
B. Seller
C. Merchant
D. Manufacturer
46. 44. §1-201(b)(24) A medium of exchange currently authorized or
adopted by a domestic or foreign government is known as:
A. Present value
B. Fungible goods
C. Delivery
D. Money
47. 45. §2-319(1)((a) When the delivery term is F.O.B. the place of
shipment, the seller must:
A. At his own expense and risk transport the goods to that
place and tender delivery
B. Ship the goods at that place and bear the expense and risk
of putting them into the possession of the carrier
C. Deliver the goods alongside the carrier or on a dock
designated by the buyer at his own expense and risk
D. At his own expense and risk transport goods to the carrier
and load the goods on board.
48. 46. §1-201(b)(33) A representative is defined as:
A. A person in possession of a negotiable instrument
B. A person other than an individual
C. A person empowered to act for another
D. A person that takes by purchase
49. 47. §2-319(3) When the delivery term is F.O.B. vessel or F.A.S.
vessel the buyer must:
A. Request from seller to furnish facilities reasonably suited
to received goods for inspection
B. Obtain a negotiable bill of lading from the carrier stating
the goods will be unloaded from the ship’s tackle
C. Accept tender of the delivery of goods in substitution for
the required documents
D. Give the loading berth of vessel, along with the name and
sail date when appropriate
50. 48. §2-319(1)(b) When the delivery term is F.O.B. the place of
destination, the seller must:
A. At his own expense and risk deliver the goods alongside
the carrier or on a dock designated by the buyer
B. Ship the goods at that place and bear the expense and risk
of putting them into the possession of the carrier
C. Tender delivery of the goods in substitution for the
required documents at the place of destination
D. At his own expense and risk transport the goods to that
place and tender delivery there
51. 49. §2-313(1)(c)(2) A seller creates an express warranty to a
buyer if he makes as part of the basis of the bargain:
A. The seller’s model that the whole of the goods shall
conform to the model.
B. The seller’s professional opinion that the goods shall
conform to his opinion.
C. The seller’s commendation that the goods shall conform
to standard.
D. The seller’s affirmation of value that the goods shall
conform to the affirmation of value.
52. 50. §2-311(2) Unless otherwise agreed, specifications relating to
the shipment of goods is at the option of the:
A. Buyer
B. Carrier
C. Seller
D. Manufacturer
54. 1. D
2. B
3. B
4. C
5. A
6. B
7. A
8. C
9. C
10. D
11. A
12. B
13. C
14. A
15. D
16. C
17. B
18. D
19. A
20. B
21. D
22. B
23. C
24. C
25. B
26. A
27. D
28. A
29. C
30. D
31. B
32. B
33. A
34. D
35. C
36. B
37. A
38. D
39. C
40. C
41. A
42. B
43. A
44. D
45. B
46. C
47. D
48. D
49. A
50. C