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Test: Transfer of Property in goods - B Com MCQ


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10 Questions MCQ Test Business Law - Test: Transfer of Property in goods

Test: Transfer of Property in goods for B Com 2024 is part of Business Law preparation. The Test: Transfer of Property in goods questions and answers have been prepared according to the B Com exam syllabus.The Test: Transfer of Property in goods MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Transfer of Property in goods below.
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Test: Transfer of Property in goods - Question 1

Passing of property refers to the transfer of ___________ and not the physical possession of goods.

Detailed Solution for Test: Transfer of Property in goods - Question 1
Passing of property implies the transfer of ownership of goods from one party to another, and not the physical possession. It is important to distinguish between ownership and possession, as ownership determines various rights and liabilities of the seller and the buyer.
Test: Transfer of Property in goods - Question 2

What type of delivery takes place when the goods are handed over by the seller to the buyer?

Detailed Solution for Test: Transfer of Property in goods - Question 2
Actual delivery takes place when the goods are physically handed over by the seller to the buyer or the buyer's authorized agent. This type of delivery involves the transfer of physical possession of the goods from the seller to the buyer.
Test: Transfer of Property in goods - Question 3

Who bears the risk in a transaction where the ownership of goods has been transferred?

Detailed Solution for Test: Transfer of Property in goods - Question 3
Once the ownership of goods has been transferred to the buyer, the buyer becomes responsible for bearing the risk associated with the goods. This means that any damage, loss, or liability related to the goods will be the responsibility of the buyer.
Test: Transfer of Property in goods - Question 4
Who can take possession of goods from the seller in case of the buyer's insolvency?
Detailed Solution for Test: Transfer of Property in goods - Question 4
In case of the buyer's insolvency, the Official Receiver or Assignee has the right to take possession of the goods from the seller only if the ownership of the goods has been transferred to the buyer. The Official Receiver or Assignee acts on behalf of the insolvent buyer and has the authority to deal with their assets.
Test: Transfer of Property in goods - Question 5
When does acceptance of goods by the buyer occur?
Detailed Solution for Test: Transfer of Property in goods - Question 5
Acceptance of goods by the buyer takes place when the buyer retains the goods without rejecting them after a reasonable period of time. This means that the buyer is satisfied with the goods and intends to keep them, indicating acceptance of the goods.
Test: Transfer of Property in goods - Question 6
When can a seller sue for the price of goods?
Detailed Solution for Test: Transfer of Property in goods - Question 6
A seller can sue for the price of goods only if the ownership of the goods has been transferred to the buyer. This means that the seller no longer has ownership rights over the goods and can demand payment from the buyer for the goods sold.
Test: Transfer of Property in goods - Question 7
Who bears the cost of delivery unless otherwise agreed in the contract?
Detailed Solution for Test: Transfer of Property in goods - Question 7
Unless otherwise agreed in the contract, the seller bears the cost of delivery. This means that the expenses incurred in making the goods deliverable, such as packaging and transportation costs, are the responsibility of the seller.
Test: Transfer of Property in goods - Question 8
What happens if the buyer rejects the goods rightfully?
Detailed Solution for Test: Transfer of Property in goods - Question 8
If the buyer rightfully rejects the goods, they are not obligated to return the goods to the seller. It is sufficient for the buyer to inform the seller of their refusal to accept the goods. In such cases, the seller is responsible for removing the goods from the buyer's possession.
Test: Transfer of Property in goods - Question 9
What rights does an unpaid seller have?
Detailed Solution for Test: Transfer of Property in goods - Question 9
An unpaid seller has the right to sue the buyer for the price of goods if the payment has not been made or tendered. This allows the seller to seek legal action to recover the amount owed by the buyer for the goods sold.
Test: Transfer of Property in goods - Question 10
What happens if one party repudiates a contract of sale before the date of delivery?
Detailed Solution for Test: Transfer of Property in goods - Question 10
If one party repudiates a contract of sale before the date of delivery, the other party has the option to treat the contract as rescinded and sue for damages. This means that the contract is considered void, and the party who did not repudiate can seek compensation for any losses or damages caused by the breach of contract.
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