This document provides an overview of key concepts in the Sale of Goods Act 1930 in India. It defines important terms like buyer, seller, goods, and discusses the essential elements of a valid contract of sale. It also examines the implied conditions in a sale regarding title, description, sample, quality and fitness for purpose. The document distinguishes between an agreement to sell future goods and an immediate sale, and outlines the consequences if specific goods are destroyed before or after formation of the contract.
This presentation is made by Toran Lal Verma. The presentation deals with performance of contract under sale of goods act, 1930. Rights and Duties of Unpaid seller is also dicussed in detail.
Sale of goods act by Neeraj Bhandari ( Surkhet.Nepal )Neeraj Bhandari
The document discusses key concepts from the Sale of Goods Act 1930 in India including:
1. A contract of sale involves the transfer of ownership of goods from a seller to a buyer for a price. It must include goods, parties, consideration in money, and transfer of property.
2. Goods can be existing, future, or contingent. Existing goods are further classified as specific, ascertained, or unascertained.
3. If goods perish before the contract is formed or after an agreement to sell but before the sale, the contract becomes void if the goods were specific. For future goods, the agreement to sell is avoided if they perish before risk passes to the buyer.
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.
The document discusses key concepts in contracts for the sale of goods under the Sale of Goods Act 1930 including:
1) A contract of sale involves the transfer of property in goods from a seller to a buyer in exchange for a price.
2) A sale involves the immediate transfer of property, while an agreement to sell involves transfer at a future time or when conditions are met.
3) Essential elements of a valid sale contract are two parties, goods, price, and transfer of property.
4) Key differences between a sale and hire purchase agreement are that a sale transfers full ownership to the buyer, while a hire purchase agreement transfers ownership only after installments are paid in full.
The document discusses key concepts from the Sale of Goods Act including:
1) It defines a contract of sale as an agreement where a seller transfers ownership of goods to a buyer in exchange for a price.
2) Essentials of a valid contract of sale are two parties (buyer and seller), transfer of ownership of goods, goods as the subject matter, and price as consideration.
3) A sale involves immediate transfer of ownership, while an agreement to sell involves future transfer of ownership subject to conditions.
4) Goods can be existing, future, or contingent depending on whether they are currently owned/produced or depend on a contingency. The effect of perished goods on a sale contract is also explained
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
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.
This presentation is made by Toran Lal Verma. The presentation deals with performance of contract under sale of goods act, 1930. Rights and Duties of Unpaid seller is also dicussed in detail.
Sale of goods act by Neeraj Bhandari ( Surkhet.Nepal )Neeraj Bhandari
The document discusses key concepts from the Sale of Goods Act 1930 in India including:
1. A contract of sale involves the transfer of ownership of goods from a seller to a buyer for a price. It must include goods, parties, consideration in money, and transfer of property.
2. Goods can be existing, future, or contingent. Existing goods are further classified as specific, ascertained, or unascertained.
3. If goods perish before the contract is formed or after an agreement to sell but before the sale, the contract becomes void if the goods were specific. For future goods, the agreement to sell is avoided if they perish before risk passes to the buyer.
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.
The document discusses key concepts in contracts for the sale of goods under the Sale of Goods Act 1930 including:
1) A contract of sale involves the transfer of property in goods from a seller to a buyer in exchange for a price.
2) A sale involves the immediate transfer of property, while an agreement to sell involves transfer at a future time or when conditions are met.
3) Essential elements of a valid sale contract are two parties, goods, price, and transfer of property.
4) Key differences between a sale and hire purchase agreement are that a sale transfers full ownership to the buyer, while a hire purchase agreement transfers ownership only after installments are paid in full.
The document discusses key concepts from the Sale of Goods Act including:
1) It defines a contract of sale as an agreement where a seller transfers ownership of goods to a buyer in exchange for a price.
2) Essentials of a valid contract of sale are two parties (buyer and seller), transfer of ownership of goods, goods as the subject matter, and price as consideration.
3) A sale involves immediate transfer of ownership, while an agreement to sell involves future transfer of ownership subject to conditions.
4) Goods can be existing, future, or contingent depending on whether they are currently owned/produced or depend on a contingency. The effect of perished goods on a sale contract is also explained
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
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.
Sale of-goods-act by Neeraj Bhandari ( Surkhet.Nepal )Neeraj Bhandari
This document summarizes key concepts from the Sale of Goods Act relating to contracts for the sale of movable goods in India. It defines a sale as a contract where ownership transfers from seller to buyer, while an agreement to sell involves future or conditional transfer of ownership. It outlines essential elements of a sale contract, implied conditions and warranties, and consequences of breaching conditions or warranties. Exceptions to the caveat emptor doctrine are noted. Hire-purchase agreements and their differences from installment sales are also summarized.
This document discusses key concepts relating to the law of sale of goods in Nepal and India. It defines a sale of goods contract and outlines its essential elements such as two parties, movable goods, a price, and transfer of ownership. The document also covers important terms and conditions in a sale like conditions, warranties, implied conditions, transfer of title, unpaid sellers' rights, and performance through delivery and payment. Overall, the document provides a comprehensive overview of the legal framework and principles governing contracts for the sale of goods.
The document summarizes key aspects of the Sale of Goods Act 1930 in India. It outlines that in 1930, transactions relating to sale and purchase of goods were regulated separately from the Indian Contract Act 1872 with the passage of the Sale of Goods Act. The Act defines a contract of sale as one where the seller transfers ownership of goods to the buyer for a price. There must be two parties (buyer and seller), goods, transfer of ownership, and a price for a valid contract of sale. A sale involves immediate transfer of ownership while an agreement to sell involves future transfer of ownership. The document also discusses classification of goods, conditions and warranties, rights of unpaid sellers and more.
The document discusses key concepts relating to contracts of sale under the Sale of Goods Act 1930 in India. It defines a contract of sale as involving the transfer of property in goods from a seller to a buyer for a price. A sale transfers ownership immediately, while an agreement to sell involves future transfer. It also outlines essential elements like goods, price, parties. Modes of fixing price are discussed, including those set by parties, an agreed manner, course of dealings, or a reasonable price. Risks in cases of goods destruction prior to or after an agreement are explained.
This document discusses key aspects of the law relating to the sale of goods in Sri Lanka. It covers:
1) The elements and formalities required for a valid sale of goods contract, including a seller, buyer, goods, consideration (price), and transfer of property.
2) Implied terms in sale of goods contracts such as conditions regarding title, description, sample, and merchantable quality. Breach of conditions allows rejection while breach of warranties only allows damages.
3) Remedies available to buyers and sellers for breach of contract, including rejection of goods and claims for damages.
The document is the Sale of Goods Act of 1930 from India. It contains 7 chapters that define and regulate the sale of goods. Chapter 1 covers preliminary definitions. Chapter 2 covers the formation of sales contracts, including the sale of existing, future, or perishable goods. Chapter 3 covers the effects of contracts, including when property passes to the buyer. Chapter 4 covers contract performance, including delivery, acceptance, and remedies. Chapter 5 covers the rights of unpaid sellers. Chapter 6 covers breach of contract suits. Chapter 7 covers miscellaneous provisions including warranties and reasonable time. The Act establishes a comprehensive framework for sales of goods in India.
The document discusses the passing of property in a sale of goods from the seller to the buyer under Indian contract law. It addresses three key stages: the transfer of property, transfer of possession, and passing of risk. The transfer of property is the main objective of a sale contract and signifies when ownership passes from seller to buyer, which may or may not be linked to delivery. There are exceptions that allow a non-owner to pass valid title under certain conditions, such as when the original owner is estopped by their words/conduct, for sales by agents or one of several joint owners under good faith. The document outlines the primary rules for determining when property passes and different scenarios involving specific, unascertained, delivered, or
This document defines the key elements of a valid contract and provides classifications of different contract types. It discusses that a contract requires: (1) agreement between the parties through offer and acceptance, (2) consideration in the form of something valuable exchanged, and (3) contractual capacity of the parties. It also outlines essential contract contents and classifications such as oral vs written, unilateral vs bilateral, and valid vs invalid contracts.
The document defines a contract of sale as an agreement where the seller transfers ownership of goods to the buyer in exchange for a price. There must be at least two parties (a seller and buyer), the transaction must involve goods, a price must be paid in money, and ownership must be transferred from seller to buyer. A sale involves the immediate transfer of ownership, while an agreement to sell involves future or conditional transfer of ownership.
This document discusses the key aspects of a contract of sale of goods under Indian law. It defines a contract of sale as one where the seller transfers ownership of goods to the buyer for a price. A contract of sale must have two parties, involve the sale of movable goods, and include the transfer of property rights and payment of a price. Goods can be existing, future, or contingent. Exceptions to the rule that a seller can only transfer the title they possess include sales by agents or joint owners.
1) The document discusses key concepts from the Sale of Goods Act of Bangladesh including definitions of a buyer, seller, price, delivery, goods, contracts of sale, implied conditions, and warranties.
2) It explains important distinctions such as between a sale versus an agreement of sale, conditions versus warranties, and when conditions can be treated as warranties.
3) Examples are provided to illustrate concepts like caveat emptor, ascertainment of price, and implied conditions regarding title, description, and samples.
The document discusses key aspects of transfer of title in a contract of sale under Indian law. It explains that transfer of title occurs when the property in the goods passes from the seller to the buyer, and outlines factors that determine when this occurs such as the parties' intent, whether the goods are specific/ascertained, and whether appropriation has taken place. Key provisions and sections of the Sale of Goods Act are summarized, including rules for determining when title passes in different situations. Exceptions to the nemo dat quod non habet principle are also covered.
This document discusses key provisions regarding the performance of contracts for the sale of goods under Indian law. It outlines the duties of buyers and sellers to deliver goods and make payment. Key points covered include rules for delivery, including time, place, and third party possession. It also discusses delivery of incorrect quantities, installment delivery, delivery to carriers, risk of loss, the buyer's right to examine goods, rejection of non-conforming goods, and liability for refusing delivery.
This document summarizes key aspects of the Sales of Goods Act 1930 regarding the formation of contracts for the sale of goods in India. It discusses definitions of sales and agreements to sell, how contracts are formed, rules regarding existing or future goods, implications if goods perish before or after an agreement is made, how price is determined, rights of unpaid sellers, and more. Specifically, it outlines the rights of an unpaid seller, including the right of lien on goods, the right of stoppage in transit while goods are in the course of delivery to the buyer, and personal rights of action against the buyer for damages.
This document summarizes key concepts from the Sale of Goods Act in India. It discusses:
1) The definition and essentials of a valid contract of sale where ownership is transferred from the seller to the buyer.
2) The distinction between a sale and an agreement to sell, where ownership is transferred at a future date or upon condition fulfillment.
3) Other concepts like hire purchase agreements, pledges, and mortgages.
4) The difference between conditions and warranties in a sale contract and the remedies available to buyers and sellers for breaches.
A pledge is a type of bailment where a debtor transfers possession of property they own to a creditor to secure repayment of a debt. The creditor (pledgee) holds the property but the debtor (pledgor) retains ownership. If the debtor defaults, the creditor can sell the pledged property to recover the debt. Hypothecation is similar but the debtor retains possession while granting the creditor a right over the property if the debtor defaults. Bailment is the general legal term where one person transfers possession of property to another for safekeeping.
This document discusses bailment and pledge under Indian law. It defines bailment as the delivery of goods by one person to another for a specific purpose, to be returned once the purpose is accomplished. The bailor delivers the goods to the bailee. A bailment creates a legal duty for the bailee to take reasonable care of the goods and return them undamaged. A pledge is a type of bailment where goods are delivered as security for a debt; the pledgee can retain or sell the goods if the debt is not repaid. The key differences between bailment and pledge are that in a pledge the goods are delivered as security for a loan rather than for safekeeping or repairs, and the pledgee
The document discusses key concepts related to contracts of sale and consumer laws in India. It begins by defining a contract of sale under the Sale of Goods Act and outlines the essential elements, including two parties (buyer and seller), agreement to transfer property in goods from seller to buyer for a price. It also distinguishes between a sale and agreement to sell. The document then discusses implied conditions and warranties in contracts of sale, the difference between conditions and warranties, and key cases. It provides examples of various types of goods and concludes with an overview of a consumer's rights under consumer protection laws.
The Sale of Goods Act, 1930 defines a contract of sale as the transfer of property in goods from the seller to the buyer for a price. There must be at least two parties, transfer of ownership of goods, the subject matter must be goods, and a price must be paid. A sale involves immediate transfer of ownership while an agreement to sell involves future transfer. If specific goods forming the subject matter perish without fault of either party before the contract, the contract is void. If only part of the goods perish, the contract may be void or valid depending on whether it is entire or divisible.
Sale of-goods-act by Neeraj Bhandari ( Surkhet.Nepal )Neeraj Bhandari
This document summarizes key concepts from the Sale of Goods Act relating to contracts for the sale of movable goods in India. It defines a sale as a contract where ownership transfers from seller to buyer, while an agreement to sell involves future or conditional transfer of ownership. It outlines essential elements of a sale contract, implied conditions and warranties, and consequences of breaching conditions or warranties. Exceptions to the caveat emptor doctrine are noted. Hire-purchase agreements and their differences from installment sales are also summarized.
This document discusses key concepts relating to the law of sale of goods in Nepal and India. It defines a sale of goods contract and outlines its essential elements such as two parties, movable goods, a price, and transfer of ownership. The document also covers important terms and conditions in a sale like conditions, warranties, implied conditions, transfer of title, unpaid sellers' rights, and performance through delivery and payment. Overall, the document provides a comprehensive overview of the legal framework and principles governing contracts for the sale of goods.
The document summarizes key aspects of the Sale of Goods Act 1930 in India. It outlines that in 1930, transactions relating to sale and purchase of goods were regulated separately from the Indian Contract Act 1872 with the passage of the Sale of Goods Act. The Act defines a contract of sale as one where the seller transfers ownership of goods to the buyer for a price. There must be two parties (buyer and seller), goods, transfer of ownership, and a price for a valid contract of sale. A sale involves immediate transfer of ownership while an agreement to sell involves future transfer of ownership. The document also discusses classification of goods, conditions and warranties, rights of unpaid sellers and more.
The document discusses key concepts relating to contracts of sale under the Sale of Goods Act 1930 in India. It defines a contract of sale as involving the transfer of property in goods from a seller to a buyer for a price. A sale transfers ownership immediately, while an agreement to sell involves future transfer. It also outlines essential elements like goods, price, parties. Modes of fixing price are discussed, including those set by parties, an agreed manner, course of dealings, or a reasonable price. Risks in cases of goods destruction prior to or after an agreement are explained.
This document discusses key aspects of the law relating to the sale of goods in Sri Lanka. It covers:
1) The elements and formalities required for a valid sale of goods contract, including a seller, buyer, goods, consideration (price), and transfer of property.
2) Implied terms in sale of goods contracts such as conditions regarding title, description, sample, and merchantable quality. Breach of conditions allows rejection while breach of warranties only allows damages.
3) Remedies available to buyers and sellers for breach of contract, including rejection of goods and claims for damages.
The document is the Sale of Goods Act of 1930 from India. It contains 7 chapters that define and regulate the sale of goods. Chapter 1 covers preliminary definitions. Chapter 2 covers the formation of sales contracts, including the sale of existing, future, or perishable goods. Chapter 3 covers the effects of contracts, including when property passes to the buyer. Chapter 4 covers contract performance, including delivery, acceptance, and remedies. Chapter 5 covers the rights of unpaid sellers. Chapter 6 covers breach of contract suits. Chapter 7 covers miscellaneous provisions including warranties and reasonable time. The Act establishes a comprehensive framework for sales of goods in India.
The document discusses the passing of property in a sale of goods from the seller to the buyer under Indian contract law. It addresses three key stages: the transfer of property, transfer of possession, and passing of risk. The transfer of property is the main objective of a sale contract and signifies when ownership passes from seller to buyer, which may or may not be linked to delivery. There are exceptions that allow a non-owner to pass valid title under certain conditions, such as when the original owner is estopped by their words/conduct, for sales by agents or one of several joint owners under good faith. The document outlines the primary rules for determining when property passes and different scenarios involving specific, unascertained, delivered, or
This document defines the key elements of a valid contract and provides classifications of different contract types. It discusses that a contract requires: (1) agreement between the parties through offer and acceptance, (2) consideration in the form of something valuable exchanged, and (3) contractual capacity of the parties. It also outlines essential contract contents and classifications such as oral vs written, unilateral vs bilateral, and valid vs invalid contracts.
The document defines a contract of sale as an agreement where the seller transfers ownership of goods to the buyer in exchange for a price. There must be at least two parties (a seller and buyer), the transaction must involve goods, a price must be paid in money, and ownership must be transferred from seller to buyer. A sale involves the immediate transfer of ownership, while an agreement to sell involves future or conditional transfer of ownership.
This document discusses the key aspects of a contract of sale of goods under Indian law. It defines a contract of sale as one where the seller transfers ownership of goods to the buyer for a price. A contract of sale must have two parties, involve the sale of movable goods, and include the transfer of property rights and payment of a price. Goods can be existing, future, or contingent. Exceptions to the rule that a seller can only transfer the title they possess include sales by agents or joint owners.
1) The document discusses key concepts from the Sale of Goods Act of Bangladesh including definitions of a buyer, seller, price, delivery, goods, contracts of sale, implied conditions, and warranties.
2) It explains important distinctions such as between a sale versus an agreement of sale, conditions versus warranties, and when conditions can be treated as warranties.
3) Examples are provided to illustrate concepts like caveat emptor, ascertainment of price, and implied conditions regarding title, description, and samples.
The document discusses key aspects of transfer of title in a contract of sale under Indian law. It explains that transfer of title occurs when the property in the goods passes from the seller to the buyer, and outlines factors that determine when this occurs such as the parties' intent, whether the goods are specific/ascertained, and whether appropriation has taken place. Key provisions and sections of the Sale of Goods Act are summarized, including rules for determining when title passes in different situations. Exceptions to the nemo dat quod non habet principle are also covered.
This document discusses key provisions regarding the performance of contracts for the sale of goods under Indian law. It outlines the duties of buyers and sellers to deliver goods and make payment. Key points covered include rules for delivery, including time, place, and third party possession. It also discusses delivery of incorrect quantities, installment delivery, delivery to carriers, risk of loss, the buyer's right to examine goods, rejection of non-conforming goods, and liability for refusing delivery.
This document summarizes key aspects of the Sales of Goods Act 1930 regarding the formation of contracts for the sale of goods in India. It discusses definitions of sales and agreements to sell, how contracts are formed, rules regarding existing or future goods, implications if goods perish before or after an agreement is made, how price is determined, rights of unpaid sellers, and more. Specifically, it outlines the rights of an unpaid seller, including the right of lien on goods, the right of stoppage in transit while goods are in the course of delivery to the buyer, and personal rights of action against the buyer for damages.
This document summarizes key concepts from the Sale of Goods Act in India. It discusses:
1) The definition and essentials of a valid contract of sale where ownership is transferred from the seller to the buyer.
2) The distinction between a sale and an agreement to sell, where ownership is transferred at a future date or upon condition fulfillment.
3) Other concepts like hire purchase agreements, pledges, and mortgages.
4) The difference between conditions and warranties in a sale contract and the remedies available to buyers and sellers for breaches.
A pledge is a type of bailment where a debtor transfers possession of property they own to a creditor to secure repayment of a debt. The creditor (pledgee) holds the property but the debtor (pledgor) retains ownership. If the debtor defaults, the creditor can sell the pledged property to recover the debt. Hypothecation is similar but the debtor retains possession while granting the creditor a right over the property if the debtor defaults. Bailment is the general legal term where one person transfers possession of property to another for safekeeping.
This document discusses bailment and pledge under Indian law. It defines bailment as the delivery of goods by one person to another for a specific purpose, to be returned once the purpose is accomplished. The bailor delivers the goods to the bailee. A bailment creates a legal duty for the bailee to take reasonable care of the goods and return them undamaged. A pledge is a type of bailment where goods are delivered as security for a debt; the pledgee can retain or sell the goods if the debt is not repaid. The key differences between bailment and pledge are that in a pledge the goods are delivered as security for a loan rather than for safekeeping or repairs, and the pledgee
The document discusses key concepts related to contracts of sale and consumer laws in India. It begins by defining a contract of sale under the Sale of Goods Act and outlines the essential elements, including two parties (buyer and seller), agreement to transfer property in goods from seller to buyer for a price. It also distinguishes between a sale and agreement to sell. The document then discusses implied conditions and warranties in contracts of sale, the difference between conditions and warranties, and key cases. It provides examples of various types of goods and concludes with an overview of a consumer's rights under consumer protection laws.
The Sale of Goods Act, 1930 defines a contract of sale as the transfer of property in goods from the seller to the buyer for a price. There must be at least two parties, transfer of ownership of goods, the subject matter must be goods, and a price must be paid. A sale involves immediate transfer of ownership while an agreement to sell involves future transfer. If specific goods forming the subject matter perish without fault of either party before the contract, the contract is void. If only part of the goods perish, the contract may be void or valid depending on whether it is entire or divisible.
Introduction
Definition of contract of sale
Essential elements of contract of sale
Formalities of contract of sale
Sale & Agreement to sell
Difference between sale & agreement to sale
Goods and their classification
Price
Condition & warranties
Unpaid seller
Rights of unpaid seller
The Sale of Goods Act, 1930 defines a contract of sale as the transfer of ownership of goods from a seller to a buyer for a price. For a contract of sale to be valid, there must be two parties (a seller and buyer), goods must be transferred with the agreement of ownership, the subject of sale must be goods, and there must be a price paid in money. The Act distinguishes between a sale, where ownership transfers immediately, and an agreement to sell, where ownership will transfer in the future. The Act also establishes rules regarding how contracts are affected when goods are destroyed before ownership transfers to the buyer.
The document discusses the key aspects of a contract of sale under the Sale of Goods Act including definitions, essential elements, types of goods, destruction of goods, price determination, rights of the buyer, and duties of the buyer. It defines a contract of sale as an agreement to transfer ownership of goods from the seller to the buyer for a price. The essential elements are an agreement between two parties, transfer of goods, goods that are the subject of the transaction, and an established price.
The document outlines key aspects of the Sale of Goods Act 1930 in India, which governs contracts for the sale of goods. 1) It defines a contract of sale and distinguishes between a sale and agreement to sell. 2) It discusses conditions and warranties that can form part of a sale contract. 3) It covers concepts like caveat emptor (buyer beware), transfer of property, and rights of unpaid sellers. The act aims to provide uniform rules for issues like delivery, risk, remedies for breach that arise in sale of goods transactions.
The document provides an overview of the Sale of Goods Act of 1930 in India. Some key points:
- The Act governs transactions involving the sale of goods in India and defines a contract of sale as one where the seller transfers property rights in goods to the buyer in exchange for a price.
- For a contract of sale to be valid, there must be at least two parties (buyer and seller), a transfer or agreement to transfer ownership of goods, the subject matter must be goods as defined by the Act, and consideration in the form of a price must be present.
- A sale involves the immediate transfer of ownership, while an agreement to sell involves a future transfer subject to conditions. The risks and
Law 200.9 group project FALL18, North South University
Bente Fatema 1711953630
Anushka Mehzabeen 1711756630
Md.Iftekharul Alam 1712665630
Mrudul Saha 1711627030
Sanzida Sobhan Reeha 1712002630
Shabah Naushin Shupty 1712219630
The document discusses key concepts from the Sales of Goods Act including:
- A contract of sale involves the transfer of ownership of goods from a seller to a buyer for a price. It can be a sale (immediate transfer of ownership) or agreement to sell (future transfer).
- Essentials of a valid contract of sale include two parties, goods as the subject matter, transfer of general property interest in the goods, and consideration in the form of money price.
- Goods can be existing, future, or contingent. Price must be in monetary terms but does not need to be fixed at the time of sale.
- Key rights and obligations depending on whether a sale or agreement to sell include risk
The document summarizes key aspects of the Sale of Goods Act 1930 in India. It defines a contract of sale, outlines essential elements like parties, agreement to transfer goods, consideration in the form of price, and defines sale vs agreement to sell. It also defines goods, distinguishes conditions from warranties, discusses passage of title and exceptions to the caveat emptor rule. In summary:
1) The Sale of Goods Act governs contracts for sale of movable property and defines a sale as transfer of property from seller to buyer for a price.
2) Essential elements of a sale include at least two parties, agreement to transfer ownership of goods, goods as the subject matter, and price as consideration.
3
The document provides an overview of key concepts from The Sales of Goods Act (1930) in India. It defines important terms like buyer, seller, goods, and discusses the distinction between a sale and agreement to sell. Conditions and warranties are important stipulations in a sales contract that can affect remedies - a breach of condition allows rejecting goods, while a breach of warranty only allows damages. Price is also a required element, and can be set by agreement, course of dealings, or deemed reasonable. The timing of delivery or payment is not usually essential unless the contract specifies otherwise.
This document discusses key concepts related to contracts of sale under the Sale of Goods Act 1930 in India. It defines a contract of sale, differentiates between a sale and agreement to sell, and outlines the essential elements of a valid contract of sale. It also explains the differences between a sale and other related contracts such as hire purchase, bailment, gift, and indemnity/guarantee. The document discusses goods that are the subject of a contract of sale, conditions and warranties, passage of title, and rights and duties of buyers and sellers.
The document provides an overview of the Sale of Goods Act of 1930 in India. Some key points:
1) Originally, sale and purchase of goods was regulated under the Indian Contract Act of 1872, but a separate Sale of Goods Act was passed in 1930 to overhaul the laws and meet modern needs.
2) The Sale of Goods Act defines a sale as a contract whereby the seller transfers ownership of goods to the buyer for a price. It distinguishes between a sale, where ownership transfers immediately, and an agreement to sell, where ownership transfers conditionally or at a future time.
3) For a contract of sale to be valid, there must be two parties, goods as the subject matter, transfer of
The Sale of Goods Act 1930 governs contracts relating to the sale of goods in India except Jammu and Kashmir. It defines key terms like buyer, delivery, and goods. A contract of sale involves an offer and acceptance between two parties for the transfer of goods ownership at a price. It must include goods, parties, price, and the transfer of property. A condition is an essential contract element while a warranty is collateral; a breach of a condition allows contract rejection but a warranty breach only permits damages.
The document provides an overview of the Sale of Goods Act of 1930 in India. It defines a contract of sale as the transfer of property in goods from a seller to a buyer for a price. It outlines the essential elements of a valid sale contract and distinguishes between a sale and agreement to sell. It also defines goods, classifies different types of goods, and discusses documents of title related to goods.
The Sale of Goods Act 1930 governs contracts for the sale of goods in India. It defines key terms including sale, agreement to sell, existing and future goods. The Act implies certain conditions and warranties in contracts for the sale of goods regarding title, description, sample, merchantability and fitness for purpose. It addresses performance of sales contracts through delivery of goods and payment. The Act provides rights to unpaid sellers, including the right to sue for the unpaid price or damages.
Dr SHIKHA AGARWAL CONTRACT OF SALE --BBA-IB.pdfyelaf54427
This document provides an overview of the Sale of Goods Act 1930 in India. It discusses key concepts around contracts of sale including the essential elements, differences between sale and agreement to sell, goods, price, conditions and warranties, and transfer of ownership. Specifically, it defines a contract of sale under section 4(1) as involving the transfer of property in goods from the seller to the buyer for a price. It also explains the different types of goods, implications of destruction or damage of goods, methods of determining price, and the distinction between conditions and warranties.
The Sale of Goods Act, 1930 governs contracts for the sale of goods in India. It defines a contract of sale as one where the seller transfers ownership of goods to the buyer in exchange for a price. For a contract of sale to be valid, there must be at least two parties (a seller and buyer), a transfer or agreement to transfer ownership of goods, the goods must be movable property, and a price must be paid in money. A sale involves immediate transfer of ownership, while an agreement to sell involves future transfer. Breach of a condition allows rejection of goods, while breach of a warranty only allows damages unless treated as a condition.
The document discusses key aspects of the Sale of Goods Act 1930 in India. It begins by introducing the Act and noting that it standardized the law around sale of goods. It then discusses several important sections of the Act regarding what constitutes a sale, exceptions, goods that are the subject of sale, implied conditions, and the distinction between conditions and warranties. Throughout it provides explanations and examples to illustrate how the Act addresses various scenarios that can arise in contracts for the sale of goods.
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2. The Sale of Goods Act-1930
⇒ This act came into force w.e.f. 1 July 1930.
⇒ The ‘contract of sale’ includes both a sale as sell as an agreement to sell.
⇒ This Act does not deal with the sale of immovable property.
⇒ The transaction relating to immovable properties, e.g., the sale, lease, gifts, etc., are governed
by a separate Act known as ‘Transfer of Property Act, 1882’.
DEFINITIONS (Sec. 2)
Buyer – Sec 2 (1) ⇒ A person, who buys or agrees to buy the goods.
Delivery Sec (2) ⇒ It means voluntary transfer of possession from one person to another.
Delivery State Sec 2(3) ƒGoods are said to be in delivered state, when they are in such state
that the Buyer would be bound to take the delivery of them in accordance with the contract.
Documents of title to Goods 2(4) ƒA document of the title to goods may be described as any
document used as proof of the possession or control of goods, authorizing or purporting to
authorize, either by endorsement or by delivery, the possessor of the document to transfer or
receive goods thereby represented.
3. Section 2(4) of the Sale of Goods Act,
1930 recognizes the following as
documents of title to goods:
(i) Bill of lading, (ii) Dock warrant, (iii)
Warehousekeeper’s certificate, (iv)
Wharfinger’s certificate, (v) Railway
receipt, (vi) Multi – modal transport
document, (vii) Warrant or order for the
delivery of goods, and (viii) Any other
document used in the ordinary course of
business as document of title
4. Document of Title v. Document showing the
title :
A document of title enables a person named
therein to transfer the property by mere
endorsement and delivery, whereas a
document showing title does not confer any
right to transfer by way of endorsement and
delivery.
For example, a share certificate shows that
the person named therein is entitled to the
shares represented by it, but does not allow
transfer of the shares by mere endorsement
and delivery of the certificate.
5. Goods – Sec 2 (7) ⇒ Goods mean every kind of movable
property.
⇒ Other than actionable claims and money, and it includes.
⇒ stock and shares, growing crops, grass and things attached
to or forming part of land which are agreed to be severed
before sale or under the contract of sale.
⇒ ‘money’ and ‘actionable claims’ have been expressly
excluded from the term ‘goods’. ‘Money’ means the legal tender.
‘Money’ does not include old coins and foreign currency. They
can, therefore, be sold or bought as goods. Sale and purchase
of foreign currency is, however, also regulated by the foreign
Exchange Management Act,
⇒ ‘Actionable claims’, like debts, are things which a person
cannot make use of, but which can be claimed by him by means
of a legal action. Actionable claims cannot be sold or purchased
like goods, they can only be assigned, as per the provisions of
Transfer of property Act.
⇒ Grass, growing crops, trees to be cut and their log wood to
be delivered, malba of a building to be demolished, etc. are
goods. Similarly, things like goodwill, copyright, trade mark,
patents, water, gas electricity are all goods and may be the
subject matter of a contract of sale.
6. Seller – Sec 2 (13) ⇒ A person, who
sells or agrees to sell the goods,.
Agreement to sell ⇒ Where transfer
of property in goods takes place at
future date.
Sale ⇒ Where transfer of property in
goods takes place at the time of
contract.
7. Essentials of valid contract of sale:
⇒ There must be two parties, one seller and other buyer. • Seller
and buyer must be different.
• Partners are not regarded as separate persons for the purpose
of sale of the partnership property. They are the joint owners of
the goods and as such they cannot be both sellers and buyers
[State of Gujarat v. Ramanlal S & W. (1965)]. But, a partner may
buy goods from the firm or sell goods to the firm.
⇒ There must be movable goods as subject matter of contract.
⇒ There must be a transfer of property in goods. It means general
property. (i.e. ownership)
⇒ There must be price involved. Price means money
consideration for sale of goods. • Exchange of goods for goods is
barter. • If Exchange is for partly goods and partly for money it is
sale.
⇒ All essential elements of valid contract must be observed.
⇒ The contract of sale can be entered into, expressly or impliedly.
8. Formation
The contract of sale may provide for any of
the following methods.
• Immediate delivery of goods.
• Immediate payment of price but delivery at
some future date.
• Immediate payment of price and immediate
delivery of goods.
• Delivery or payment or both made in
installments.
• Delivery or payment or both will be made at
future date.
9. TRANSFER OF “PROPERTY IN GOODS”
⇒ Property means general property in goods
and not merely special property in goods. It
means ownership of goods. Special property
in goods means possession of goods.
⇒ Cases where property in goods is not
transferred:
• Bailment
• Creating charge or pledge
10. Difference Between Sale and
Agreement to Sell
SALE AGREEMENT TO SELL
Immediate transfer of
ownership to buyer
It is executed contract
It creates right in rem for
buyer
Seller can sue for price – if
not buyer
Risk passes to buyer
Buyer can get goods even
if seller has become
insolvent .
Delivery to receiver if buyer
becomes insolvent before
the payment of price
Ownership remains with the
seller
It is an executory contract
It provides right in personam
for buyer and seller
Seller can sue for damages
Risk doesn’t passes to buyer
Buyer can get proportionate
share in money but can’t get
goods
Delivery can be refused by
seller if buyer becomes
insolvent.
11. EXISTING GOODS
• Existing goods are the goods, which are owned and possessed by
the seller at the time of sale. Existing goods may be of three types;
(a) Specific Goods: • The goods, which are identified and agreed
upon by the parties at the time of contract of sale. • It should be
noted that the goods must be both identified and agreed upon.
(b) Unascertained Goods: • These are the goods, which are not
identified and agreed upon at the time of the contract of sale.
• These goods are merely described by the parties at the time of
contract of sale.
(c) Ascertained Goods: • There are the goods, which are identified
after the formation of contract of sale. When un-ascertained goods
are identified and agreed upon by the parties, the goods are known
as ascertained goods.
12. Future Goods
⇒ Future goods are those goods, which do not exist at the
time of the contract of sale.
⇒ These goods are to be manufactured or acquired by the
seller after the making of the contract of sale.
⇒ Future goods cannot be sold, but there can only be an
agreement to sell.
Example: A, a manufacturer agrees to sell 5 tables and 50
chairs to B at Rs.10,000. B agrees to purchase it. However,
tables and chairs are yet to manufactured by A.
Contingent goods
⇒ It is a kind of future goods.
⇒ It is goods, the acquisition of which is contingent upon the
happening or non –happening of an uncertain event.
Example: A agrees to sell the goods loaded on the ship
“Shreyas ”, which is coming from London to Bombay. The ship
may or may not arrive. So, these goods will be called as
contingent goods.
13. Price of Goods – Sec 9 – 10
Price means the money consideration for the sale of Goods
2(10)
The following are the modes of determining price: [Sec. 9]
⇒ Price is specified under the contract. It is the most
common method of determining the price. Parties decide
the price in advance.
⇒ Price may be determined as per the method specified in
contract. Example : Delivery of rice on 1st December 2008
at the rate prevailing on that day.
⇒ Price may be determined in accordance to custom and
usage of trade. This method is applicable if parties regularly
trade.
⇒ Where the price is not fixed as above, the buyer shall pay
the seller a reasonable price. ‘What is a reasonable price is
a question of fact and circumstances.
14. Fixation of price by third party. (Sec. 10)
If it is so, contract shall specify name of third
party.
If third party fails to specify, contract is void
but if goods are delivered to buyer and if it
used by him, he is required to pay reasonable
price.
If the third party is prevented from fixing
price, defaulting party is liable for the
damages.
15. Consequences of Destruction of Specific Goods – Sec 7 – 8
The consequences of destruction of specific goods can be discussed under
the following three heads:
⇒ If goods perish before forming the contract
• Contract is void – ab – initio, due to mistake as to existence of subject
matter.
• It is to be noted that if the seller has knowledge about the destruction of
goods, and yet he enters into the contract of sale with buyer, then seller is
bound to compensate to the buyer.
⇒ Where a part of the goods is perished before making
contract
• If the goods are divisible, then the contract can be enforced by party and if
the goods are indivisible, then the contract becomes void – ab – inito.
Example: A contracted to sell one wagon containing 700 bags of groundnut to
B. Unknown to A, 109 bags had been stolen at the time of sale, Therefore, A
made a delivery of 591 bags. Held, the sale was void.
16. If goods perish after the “Agreement to sell; but
before’ Sale [Sec. 8]
The contract is void if subsequently the
goods have perished, and there is no fault on
the part of the buyer or seller in perishing the
goods.
Example: A horse was delivered upon trial
for 8 days. However, the horse died within 8
days, without the fault of buyer or seller. Held,
the seller must bear the loss, as the contract
was void.
17. Section 7 and 8 are applicable only in case of
specific goods.
If unascertained goods are destroyed either before or
after making the agreement, the contract shall not
become void. Thus, in an agreement to sell
unascertained goods, even if the entire stock of goods
are destroyed, the contract has not become void and the
seller will have to perform his promise.
Example
‘A’ agreed to sell to ‘B’ 100 bags of wheat from his stock
of 1,000 bags in his godown. The entire stock was
destroyed by fire. ‘A’ is bound to deliver 100 bags of
wheat or else he will be liable for damages.
If the contract does not otherwise provide, then –
⇒ Stipulation as to time of payment is not deemed to be
essence of contract.
⇒ Stipulation as to time of delivery is deemed to be
essence of contract.
18. CONDITIONS AND WARRANTIES
⇒ Generally, at the time of sale, the seller makes some
representation, statements of stipulations for the praise
of his goods. Some of representations are in nature of
opinion others are in nature of facts. Representation as
to fact which becomes a part of contract of sale is called
as stipulation.
⇒ Stipulation may be condition or warranty depends
upon its importance in relation to contract.
⇒ Stipulation which is essential to the main purpose of
contract is known as condition. Breach of condition gives
the aggrieved party right to terminate the contract.
⇒ Stipulation which is collateral to the main purpose of
the contract is warranty. Breach of warranty gives rise to
the aggrieved party’s right to claim damages. However
contract cannot be terminated.
19. The conditions and warranties may be
express or implied.
⇒ Express conditions and warranties
are those, which the parties agree
expressly, i.e. orally or in writing.
⇒ Implied conditions are those, which
are implied by the law in the absence
of any agreement to the contrary.
20. The following are the implied conditions which are
contained in the Sales of Goods Act:
Conditions as to title – Sec 14(a)
⇒ There is an implied condition on the part of the seller that
• In the case of sale, the seller has a right to sell the goods,
and
• In the agreement to sell, the seller will have a right to sell the
goods at the time of passing of ownership in goods.
⇒ If the title of seller out to be defective, the buyer must return
the goods to the true owner and recover the price from the
seller.
Conditions as to description – Sec 15
⇒ Where the goods are sold by description, there is an
implied condition that the goods shall correspond to the
description.
21. Sale by sample – Sec 17
⇒ Where the goods are sold by sample, the following are
implied conditions.
• The bulk shall correspond to sample in quality.
• The buyer shall be given a reasonable opportunity to
compare the goods with the sample.
• The goods shall be free from any defect, rendering them un
– merchantable.
It is to be noted that this implied condition applies only in the
case of latent defects, i.e. those defects which cannot be
discovered by ordinary inspection.
In fact, such defects are discovered when the goods are put
to use or by examination in laboratories. The seller is not
liable for apparent or visible defects which can be discovered
by examination.
22. Sale by description as w ell as sample – Sec
15
⇒ If the sale is by sample as well as
description, both conditions shall be satisfied.
Goods must correspond with sample as well
as description.
Example : A agreed to sell to C some oil
described as “Foreign refined oil” and
warranted only equal to sample. The goods
supplied were equal to sample, but contained
a mixture to hemp oil.
Held, C could reject the goods.
23. Conditions as to quality and fitness for
buyer’s purpose –Sec 16
⇒ Where the buyer, expressly or impliedly, tells
the seller the particular purpose for which he
needs the goods and relies on the skill or
judgment of the seller, there is an implied
condition that the goods shall be reasonably fit
for such purpose.
Example: A purchased a hot water bottle from a
chemist. While the bottle was being used by A’s
wife, it burst and injured A’s wife. Held, the seller
was liable for damages as the bottle was not fit
for the purpose for which it was meant –( Priest
vs Last)
24. Exceptions to the implied condition as
to quality or fitness
⇒ The condition as to quality or
fitness’ will not apply, if the buyer is
suffering from an abnormality, which
renders the goods unsuitable for a
particular purpose and the buyer does
not inform the seller about that
abnormally
25. A purchased a coat. He had abnormally
sensitive skin, By wearing the coat, he
got skin complaint. Held, there was no
breach of condition, as he had not
disclosed the abnormality of his skin.
⇒ Where the goods can be used for a
number of purposes, the buyer should
inform the particular purpose for which
such goods were required. If he does not
disclose, there is no such conditions of
quality or fitness.
26. Conditions as to merchantability
⇒ Where goods are bought by description from a seller,
who deals in goods of that description, there is an
implied conditions that the goods shall be of
merchantable quality.
⇒ ‘Merchantability’ means - there is no defect in the
goods, which renders them unfit for sale. Thus, a watch
that will not keep time and a pen that will not write
cannot be regarded as merchantable.
Example: A radio set was sold to a layman. The set
was defective. It did not work in spite of repairs, Held,
the buyer could return the set and claim refund.
27. Condition as to wholesomeness
⇒ In the case of eatables /food stuff,
there is an implied condition that the
goods shall be wholesome, i.e., free from
any defect which renders them unfit for
human consumption.
Example: A Purchased milk from B, a
milk dealer. The milk contained typhoid
germs. A’s wife on taking the milk got
infected and died. Held, A was entitled to
get damages – Frost vs Aylesbury Dairy
Co. Ltd.
28. IMPLIED WARRANTIES
Warranty as to quiet possession
Warranty against encumberances
Warranty as to quality and fitness by
usage of trade
Warranty to disclose the dangerous
nature of goods
29. DOCTRINE OF CAVEAT
EMPTOR
Caveat Emptor means “Let the buyer
beware”
It means that the buyer while purchasing
goods must act with a “third eye and
ear”, i.e., • He should be careful to see
that the goods purchased will serve his
purpose well.
• If the buyer is not careful and he finds
later that the goods do not serve his
purpose, he cannot hold the seller liable
for it.