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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)Read More
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FAQs on PPT - Basics of the Acts, Sale of Goods Act - 1930 - Business Laws for CA Foundation
| 1. What is the Sale of Goods Act? |  |
Ans. The Sale of Goods Act is an act passed in 1930 that governs the sale and purchase of goods in India. It provides the legal framework for the rights and obligations of buyers and sellers in a transaction involving the sale of goods.
| 2. What are the key provisions of the Sale of Goods Act? | |
Ans. The Sale of Goods Act provides several key provisions, including the definition of a contract of sale, conditions and warranties, transfer of ownership, rights of an unpaid seller, and remedies for breach of contract. These provisions ensure fair and transparent transactions between buyers and sellers.
| 3. What is the importance of the Sale of Goods Act in India? | |
Ans. The Sale of Goods Act plays a crucial role in protecting the rights of buyers and sellers in India. It establishes legal remedies for breaches of contract, ensures the transfer of ownership is properly executed, and provides guidelines for determining the quality and fitness of goods being sold.
| 4. What are the rights of an unpaid seller under the Sale of Goods Act? | |
Ans. The Sale of Goods Act grants certain rights to an unpaid seller, such as the right to withhold delivery of goods until payment is made, the right to stop goods in transit if the buyer becomes insolvent, and the right to resell the goods if the buyer fails to pay within a reasonable time.
| 5. How does the Sale of Goods Act protect consumers? | |
Ans. The Sale of Goods Act includes provisions that protect consumers by ensuring that goods sold are of satisfactory quality, fit for their intended purpose, and match the description provided by the seller. If goods do not meet these requirements, consumers have the right to seek remedies, such as a refund or replacement.
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