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A agrees to deliver his old car valued at Rs. 80,000 to B, a car dealer, in exchange for a new car, and agrees to pay the difference in cash it is
- a)Contract of sale.
- b)Agreement to sell.
- c)Exchange.
- d)Barter.
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
A agrees to deliver his old car valued at Rs. 80,000 to B, a car deale...
Contract of Sale
A contract of sale is a type of contract where one party (seller) agrees to transfer the ownership of goods or services to another party (buyer) in exchange for money or other consideration. In this scenario, A is selling his old car to B in exchange for a new car and cash. Hence, it is a contract of sale.
Elements of a contract of sale:
1. Agreement: Both parties must agree to the terms and conditions of the contract.
2. Transfer of ownership: The seller must transfer the ownership of the goods to the buyer.
3. Consideration: The buyer must provide consideration in the form of money or other goods/services.
4. Goods: The subject matter of the contract must be goods, which can be tangible or movable.
Agreement to Sell:
An agreement to sell is a type of contract where the seller agrees to transfer the ownership of goods to the buyer at a future date or upon the occurrence of a certain event. In this scenario, if A had agreed to sell his old car to B, but the transfer of ownership was not immediate, it would have been an agreement to sell.
Exchange:
An exchange is a type of contract where both parties agree to transfer the ownership of goods to each other. In this scenario, if A had agreed to exchange his old car with B's new car, it would have been an exchange.
Barter:
Barter is a type of exchange where goods or services are exchanged without the involvement of money. In this scenario, if A had agreed to give his old car to B in exchange for B's services or goods, it would have been a barter.
Conclusion:
In conclusion, the correct option is 'A' as it is a contract of sale where A agrees to sell his old car to B in exchange for a new car and cash.
A contract of sale is a type of contract where one party (seller) agrees to transfer the ownership of goods or services to another party (buyer) in exchange for money or other consideration. In this scenario, A is selling his old car to B in exchange for a new car and cash. Hence, it is a contract of sale.
Elements of a contract of sale:
1. Agreement: Both parties must agree to the terms and conditions of the contract.
2. Transfer of ownership: The seller must transfer the ownership of the goods to the buyer.
3. Consideration: The buyer must provide consideration in the form of money or other goods/services.
4. Goods: The subject matter of the contract must be goods, which can be tangible or movable.
Agreement to Sell:
An agreement to sell is a type of contract where the seller agrees to transfer the ownership of goods to the buyer at a future date or upon the occurrence of a certain event. In this scenario, if A had agreed to sell his old car to B, but the transfer of ownership was not immediate, it would have been an agreement to sell.
Exchange:
An exchange is a type of contract where both parties agree to transfer the ownership of goods to each other. In this scenario, if A had agreed to exchange his old car with B's new car, it would have been an exchange.
Barter:
Barter is a type of exchange where goods or services are exchanged without the involvement of money. In this scenario, if A had agreed to give his old car to B in exchange for B's services or goods, it would have been a barter.
Conclusion:
In conclusion, the correct option is 'A' as it is a contract of sale where A agrees to sell his old car to B in exchange for a new car and cash.
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A agrees to deliver his old car valued at Rs. 80,000 to B, a car dealer, in exchange for a new car, and agrees to pay the difference in cash it isa)Contract of sale.b)Agreement to sell.c)Exchange.d)Barter.Correct answer is option 'A'. Can you explain this answer?
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A agrees to deliver his old car valued at Rs. 80,000 to B, a car dealer, in exchange for a new car, and agrees to pay the difference in cash it isa)Contract of sale.b)Agreement to sell.c)Exchange.d)Barter.Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A agrees to deliver his old car valued at Rs. 80,000 to B, a car dealer, in exchange for a new car, and agrees to pay the difference in cash it isa)Contract of sale.b)Agreement to sell.c)Exchange.d)Barter.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A agrees to deliver his old car valued at Rs. 80,000 to B, a car dealer, in exchange for a new car, and agrees to pay the difference in cash it isa)Contract of sale.b)Agreement to sell.c)Exchange.d)Barter.Correct answer is option 'A'. Can you explain this answer?.
A agrees to deliver his old car valued at Rs. 80,000 to B, a car dealer, in exchange for a new car, and agrees to pay the difference in cash it isa)Contract of sale.b)Agreement to sell.c)Exchange.d)Barter.Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about A agrees to deliver his old car valued at Rs. 80,000 to B, a car dealer, in exchange for a new car, and agrees to pay the difference in cash it isa)Contract of sale.b)Agreement to sell.c)Exchange.d)Barter.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A agrees to deliver his old car valued at Rs. 80,000 to B, a car dealer, in exchange for a new car, and agrees to pay the difference in cash it isa)Contract of sale.b)Agreement to sell.c)Exchange.d)Barter.Correct answer is option 'A'. Can you explain this answer?.
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