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Test: The Sale of Goods Act(1930) - B Com MCQ


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10 Questions MCQ Test Business Law - Test: The Sale of Goods Act(1930)

Test: The Sale of Goods Act(1930) for B Com 2024 is part of Business Law preparation. The Test: The Sale of Goods Act(1930) questions and answers have been prepared according to the B Com exam syllabus.The Test: The Sale of Goods Act(1930) MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: The Sale of Goods Act(1930) below.
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Test: The Sale of Goods Act(1930) - Question 1
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Which Act regulated the sale and purchase of goods before the Indian Sale of Goods Act,1930 was passed?

Detailed Solution for Test: The Sale of Goods Act(1930) - Question 1
Before the Indian Sale of Goods Act, 1930 was passed, the sale and purchase of goods were regulated by the Indian Contract Act, 1872. This Act laid down the general principles of contract law, including those related to the sale of goods.
Test: The Sale of Goods Act(1930) - Question 2
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Which of the following is NOT an essential element of a contract of sale?

Detailed Solution for Test: The Sale of Goods Act(1930) - Question 2
The essential elements of a contract of sale include the presence of a seller and buyer, the existence of goods, the transfer of property, and the agreement on a price. However, payment in kind, which refers to the exchange of goods instead of money, is not a necessary element of a contract of sale.
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Test: The Sale of Goods Act(1930) - Question 3
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What is the meaning of "goods" as defined in the Sale of Goods Act, 1930?

Detailed Solution for Test: The Sale of Goods Act(1930) - Question 3
According to the Sale of Goods Act, 1930, "goods" refers to every kind of movable property, except money and actionable claims. This means that goods can include tangible items that can be physically touched, as well as intangible items that can be moved from one place to another.
Test: The Sale of Goods Act(1930) - Question 4
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Which of the following is an example of existing goods?
Detailed Solution for Test: The Sale of Goods Act(1930) - Question 4
Existing goods refer to goods that are either owned or possessed by the seller at the time of the contract of sale. These goods can be specific (identified and agreed upon), ascertained (part of a mass of unascertained goods), or unascertained (not identified and agreed upon).
Test: The Sale of Goods Act(1930) - Question 5
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What is the consequence of not determining the price of goods in accordance with the Sale of Goods Act, 1930?
Detailed Solution for Test: The Sale of Goods Act(1930) - Question 5
If the price of goods is not determined in accordance with the Sale of Goods Act, 1930, the buyer is required to pay the seller a reasonable price. This reasonable price is determined based on the circumstances of each particular case and may not necessarily be the market price.
Test: The Sale of Goods Act(1930) - Question 6
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What are future goods as defined in the Sale of Goods Act, 1930?
Detailed Solution for Test: The Sale of Goods Act(1930) - Question 6
Future goods, as defined in the Sale of Goods Act, 1930, refer to goods that are to be manufactured or produced by the seller after the contract of sale has been made. These goods do not exist at the time of the contract and can only be sold through an agreement to sell.
Test: The Sale of Goods Act(1930) - Question 7
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What can a party do if a third party is prevented from making a valuation of the goods due to the fault of the seller or buyer?
Detailed Solution for Test: The Sale of Goods Act(1930) - Question 7
If a third party is prevented from making a valuation of the goods due to the fault of the seller or buyer, the party not at fault has the right to maintain a suit for damages against the party at fault. This means that they can seek compensation for any losses or harm suffered as a result of the prevented valuation.
Test: The Sale of Goods Act(1930) - Question 8
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What happens if an agreement to sell goods provides for the price to be fixed by a third party, but the third party cannot or does not make the valuation?
Detailed Solution for Test: The Sale of Goods Act(1930) - Question 8
If an agreement to sell goods provides for the price to be fixed by a third party, and the third party cannot or does not make the valuation, the agreement becomes void. In such a case, the goods cannot be sold based on that agreement, and a new agreement with a different price determination method may need to be made.
Test: The Sale of Goods Act(1930) - Question 9
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Which Act repealed Sections 76 to 123 of the Indian Contract Act, 1872 and introduced the Indian Sale of Goods Act, 1930?
Detailed Solution for Test: The Sale of Goods Act(1930) - Question 9
None of the above options is correct. The Indian Sale of Goods Act, 1930 was introduced as a separate Act and did not repeal any sections of the Indian Contract Act, 1872. It replaced the relevant sections (Sections 76 to 123) of the Indian Contract Act, 1872 with its own provisions specifically relating to the sale of goods.
Test: The Sale of Goods Act(1930) - Question 10
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What is the duty of a buyer who has received and appropriated the goods?
Detailed Solution for Test: The Sale of Goods Act(1930) - Question 10
When a buyer has received and appropriated the goods, their duty is to pay a reasonable price to the seller. This means that the buyer is obligated to provide the agreed-upon payment for the goods they have received and used.
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