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There was a contract of sale of goods but the seller did not have the possession of goods. Subsequently, the buyer became insolvent without making the payment. Who will get the control of goods?
- a)The seller
- b)The buyer
- c)The official receiver of buyer
- d)The court
Correct answer is option 'C'. Can you explain this answer?
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There was a contract of sale of goods but the seller did not have the ...
**Explanation:**
When there is a contract of sale of goods, the general rule is that the seller must have the possession of the goods in order to transfer control to the buyer. However, in this case, the seller does not have the possession of the goods.
When the buyer becomes insolvent without making the payment, the control of goods will be given to the official receiver of the buyer. This is because the official receiver is appointed by the court to manage the affairs of the insolvent buyer and to distribute the assets to the creditors.
The official receiver is responsible for taking control and possession of the assets of the insolvent buyer, including the goods that were the subject of the contract of sale. The official receiver will then determine how to distribute the assets to the creditors in accordance with the insolvency laws.
The court plays a role in appointing the official receiver and overseeing the insolvency proceedings, but it does not directly take control of the goods. The court's role is to ensure that the insolvency process is carried out in a fair and orderly manner.
In summary, when the buyer becomes insolvent without making the payment and the seller does not have possession of the goods, the control of goods will be given to the official receiver of the buyer. The official receiver will then manage the assets of the insolvent buyer and distribute them to the creditors.
When there is a contract of sale of goods, the general rule is that the seller must have the possession of the goods in order to transfer control to the buyer. However, in this case, the seller does not have the possession of the goods.
When the buyer becomes insolvent without making the payment, the control of goods will be given to the official receiver of the buyer. This is because the official receiver is appointed by the court to manage the affairs of the insolvent buyer and to distribute the assets to the creditors.
The official receiver is responsible for taking control and possession of the assets of the insolvent buyer, including the goods that were the subject of the contract of sale. The official receiver will then determine how to distribute the assets to the creditors in accordance with the insolvency laws.
The court plays a role in appointing the official receiver and overseeing the insolvency proceedings, but it does not directly take control of the goods. The court's role is to ensure that the insolvency process is carried out in a fair and orderly manner.
In summary, when the buyer becomes insolvent without making the payment and the seller does not have possession of the goods, the control of goods will be given to the official receiver of the buyer. The official receiver will then manage the assets of the insolvent buyer and distribute them to the creditors.
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There was a contract of sale of goods but the seller did not have the possession of goods. Subsequently, the buyer became insolvent without making the payment. Who will get the control of goods?a)The sellerb)The buyerc)The official receiver of buyerd)The courtCorrect answer is option 'C'. Can you explain this answer?
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There was a contract of sale of goods but the seller did not have the possession of goods. Subsequently, the buyer became insolvent without making the payment. Who will get the control of goods?a)The sellerb)The buyerc)The official receiver of buyerd)The courtCorrect answer is option 'C'. 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 There was a contract of sale of goods but the seller did not have the possession of goods. Subsequently, the buyer became insolvent without making the payment. Who will get the control of goods?a)The sellerb)The buyerc)The official receiver of buyerd)The courtCorrect answer is option 'C'. 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 There was a contract of sale of goods but the seller did not have the possession of goods. Subsequently, the buyer became insolvent without making the payment. Who will get the control of goods?a)The sellerb)The buyerc)The official receiver of buyerd)The courtCorrect answer is option 'C'. Can you explain this answer?.
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