PPT - Basics of the Acts, Sale of Goods Act - 1930 | Business Laws for CA Foundation PDF Download

 Page 1


CPT Section B Mercantile Laws Chapter 2 Unit 1 
Dr. V.Seshadri 
Page 2


CPT Section B Mercantile Laws Chapter 2 Unit 1 
Dr. V.Seshadri 
Act was originally a part of Indian Contract 
Act,1872.Subsequently it was separated 
and became a separate law in 1930 
Act covers all commercial transactions 
relating to sale of goods 
Page 3


CPT Section B Mercantile Laws Chapter 2 Unit 1 
Dr. V.Seshadri 
Act was originally a part of Indian Contract 
Act,1872.Subsequently it was separated 
and became a separate law in 1930 
Act covers all commercial transactions 
relating to sale of goods 
Contract of sale of goods are subject to the general principles of 
contract such as 
• offer 
• acceptance 
• free consent 
• competent to contract 
• lawful consideration and 
• lawful object. 
Therefore the provisions of Indian Contract Act continue to 
apply to the contracts for sale of goods so far they are not 
inconsistent with the express provisions of the Sale of Goods Act 
1930.  
Page 4


CPT Section B Mercantile Laws Chapter 2 Unit 1 
Dr. V.Seshadri 
Act was originally a part of Indian Contract 
Act,1872.Subsequently it was separated 
and became a separate law in 1930 
Act covers all commercial transactions 
relating to sale of goods 
Contract of sale of goods are subject to the general principles of 
contract such as 
• offer 
• acceptance 
• free consent 
• competent to contract 
• lawful consideration and 
• lawful object. 
Therefore the provisions of Indian Contract Act continue to 
apply to the contracts for sale of goods so far they are not 
inconsistent with the express provisions of the Sale of Goods Act 
1930.  
Formation of the contract of sale 
Conditions and warrantees 
Transfer of ownership and delivery of goods 
Unpaid seller 
Page 5


CPT Section B Mercantile Laws Chapter 2 Unit 1 
Dr. V.Seshadri 
Act was originally a part of Indian Contract 
Act,1872.Subsequently it was separated 
and became a separate law in 1930 
Act covers all commercial transactions 
relating to sale of goods 
Contract of sale of goods are subject to the general principles of 
contract such as 
• offer 
• acceptance 
• free consent 
• competent to contract 
• lawful consideration and 
• lawful object. 
Therefore the provisions of Indian Contract Act continue to 
apply to the contracts for sale of goods so far they are not 
inconsistent with the express provisions of the Sale of Goods Act 
1930.  
Formation of the contract of sale 
Conditions and warrantees 
Transfer of ownership and delivery of goods 
Unpaid seller 
 
 
 Contract of sale:Contract 
whereby seller, transfers or 
agrees to transfer  the 
property in goods to the 
buyer for a price. 
Section 4(1)