When the delivery of goods takes place by way of handing over the docu...
This kind of delivery involves the delivery of a thing in token of a transfer of some other thing. For example, the key of the godowns with the goods in it, when handed over to the buyer will constitute a symbolic delivery.
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When the delivery of goods takes place by way of handing over the docu...
Correct answer is Option 'B'. As SYMBOLIC DELIVERY the name itself suggests that some token or a document comes in usage in this type of delivery. Although here document of title is transferred to buyer as a symbol of delivery of goods. For better understanding,take an e.g. if car is to be delivered to buyer then seller gives the keys of a car to buyer. This key is the symbol used for delivery of goods.
When the delivery of goods takes place by way of handing over the docu...
Symbolic Delivery refers to the delivery of goods by handing over the document of title to the goods. This means that instead of physically transferring the goods, the transfer is made through the transfer of legal ownership represented by a document.
Explanation:
Symbolic Delivery is a concept commonly used in commercial transactions, especially in the context of goods that are stored or transported. It is based on the principle that the ownership of goods can be transferred by the transfer of title documents without the need for physical transfer.
Here is a detailed explanation of the concept of Symbolic Delivery:
1. Document of Title: A document of title refers to a legal document that represents ownership or control over certain goods. Examples of documents of title include bills of lading, warehouse receipts, and delivery orders. These documents serve as evidence of ownership or control over the goods and are commonly used in commercial transactions.
2. Transfer of Document: In symbolic delivery, the transfer of ownership of goods takes place by the transfer of the document of title. This means that the party who holds the document of title is considered the legal owner of the goods, even if the physical possession of the goods remains with someone else.
3. No Physical Transfer: Unlike physical delivery, symbolic delivery does not involve the physical transfer of goods from one party to another. Instead, it relies on the transfer of the document of title, which represents the ownership or control over the goods.
4. Legal Effect: Symbolic delivery has the same legal effect as physical delivery. It transfers the ownership rights and responsibilities from the transferor to the transferee. The transferee becomes entitled to all the rights and liabilities associated with the goods.
5. Advantages: Symbolic delivery offers several advantages in commercial transactions. It allows for the transfer of ownership without the need for physical transportation of goods, which can be costly and time-consuming. It also provides a more efficient and convenient way of transferring goods, especially in cases where the goods are stored or transported over long distances.
In conclusion, symbolic delivery refers to the transfer of goods by handing over the document of title. It is a concept commonly used in commercial transactions and allows for the transfer of ownership without the need for physical transfer of goods.
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