Legal aspects (transfer of ownership)

1. Team members:
Sourabh Sheth M1250
Sunil Gaikwad M1252
Tushar Kharate M1254
Vikesh Bangera M1256
Vipula Gangurde M1258
Vishwanathan Iyer M1260
Wasif Parkar M1261

2.  Transfer of ownership
 Rights of unpaid seller
 Contract involving rail or sea transit

3.  Def : transfer of property in goods is distinct
from delivery of goods. Property or ownership
may pass to the buyer without delivery of the
goods; while delivery of goods may not
constitute transfer of ownership in the goods.

4.  The time when property passes:
1)in the case of specific or ascertained
2)in the generic or unascertained or future
goods.
 When property in the goods does not pass:
1) If the seller reserves the right of disposal of
goods.
2) where he sends the bill of exchange, till the
buyer accepts the same.

5.  Unpaid seller (Def) : Unpaid seller is one who has not
received the whole of the price or has received the
payment by bill of exchange or negotiable instrument
which is dishonored.

6.  Right of lien
 Rights of stoppage in transit

7.  Right of re-sale
 Right of withholding delivery
 Other rights:
1) Seller may sue the buyer for the price of the
goods
2) The seller may sue the buyer for the
damages for the wrongfully neglecting or
refusing to accept the goods.
3) Recovery of interest, if there is a specific
agreement to that effect

8. Number of conditions are
attached by the parties or by
custom and practice of
merchants
Free on Board
Free on Rail
Cost Insurance and Freight
Ex-Ship

9. • Includes:
o Price of goods
o Port fees
• No requirement of tender of documents
• Delivery is complete on shipment at the specified
location
• Buyer’s risk
• Notification to buyer
• Similar rules for Free on rail

10. • Includes:
• Cost of shipment
• Insurance cost
• Fright cost
• Tender of documents are required
• Buyer gets the possession of goods at the
end of delivery

11.  Seller to arrange upto port of destination
 Inland destination also
 Buyer is not bound to pay until the goods are
ready for unloading from the ship and all
freight charges paid
 Goods travel at the seller’s risk, but he is not
bound to insure them.