B Com Exam > B Com Questions > difference between specific and ascertained g...
Start Learning for Free
difference between specific and ascertained goods??
?
Most Upvoted Answer
difference between specific and ascertained goods?? Related: Introduc...
Specific goods are those goods which are identified and agreed upon at the time a contract of sale is made. The keyword here is “at”. Ascertained goods are those goods which are identified in accordance with the agreement after the contract of sale is made. The keyword here is “after".
Community Answer
difference between specific and ascertained goods?? Related: Introduc...
Specific goods refer to goods that are identified and agreed upon by both parties at the time of the contract. These goods are identified by their specific characteristics such as quantity, quality, and other specifications. Ascertained goods, on the other hand, are specific goods that have been identified and set apart from a larger group of goods.
In other words, specific goods are identified at the time of the contract, while ascertained goods are identified at a later stage, usually after the contract has been formed. For example, if a buyer agrees to purchase a specific car from a seller, that car is considered a specific good. If the seller agrees to sell a car from a specific lot, and the buyer chooses the car from that lot, that car is considered an ascertained good.
The difference between specific and ascertained goods is important because it affects the timing of delivery and the transfer of ownership. In the case of specific goods, ownership and risk transfer to the buyer at the time of the contract. In the case of ascertained goods, ownership and risk transfer to the buyer at the time of identification.
In other words, specific goods are identified at the time of the contract, while ascertained goods are identified at a later stage, usually after the contract has been formed. For example, if a buyer agrees to purchase a specific car from a seller, that car is considered a specific good. If the seller agrees to sell a car from a specific lot, and the buyer chooses the car from that lot, that car is considered an ascertained good.
The difference between specific and ascertained goods is important because it affects the timing of delivery and the transfer of ownership. In the case of specific goods, ownership and risk transfer to the buyer at the time of the contract. In the case of ascertained goods, ownership and risk transfer to the buyer at the time of identification.
|
Explore Courses for B Com exam
|
|
Similar B Com Doubts
difference between specific and ascertained goods?? Related: Introduction & Types of Goods - The Sale of Goods Act(1930) , Business Law?
Question Description
difference between specific and ascertained goods?? Related: Introduction & Types of Goods - The Sale of Goods Act(1930) , Business Law? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about difference between specific and ascertained goods?? Related: Introduction & Types of Goods - The Sale of Goods Act(1930) , Business Law? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for difference between specific and ascertained goods?? Related: Introduction & Types of Goods - The Sale of Goods Act(1930) , Business Law?.
difference between specific and ascertained goods?? Related: Introduction & Types of Goods - The Sale of Goods Act(1930) , Business Law? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about difference between specific and ascertained goods?? Related: Introduction & Types of Goods - The Sale of Goods Act(1930) , Business Law? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for difference between specific and ascertained goods?? Related: Introduction & Types of Goods - The Sale of Goods Act(1930) , Business Law?.
Solutions for difference between specific and ascertained goods?? Related: Introduction & Types of Goods - The Sale of Goods Act(1930) , Business Law? in English & in Hindi are available as part of our courses for B Com.
Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free.
Here you can find the meaning of difference between specific and ascertained goods?? Related: Introduction & Types of Goods - The Sale of Goods Act(1930) , Business Law? defined & explained in the simplest way possible. Besides giving the explanation of
difference between specific and ascertained goods?? Related: Introduction & Types of Goods - The Sale of Goods Act(1930) , Business Law?, a detailed solution for difference between specific and ascertained goods?? Related: Introduction & Types of Goods - The Sale of Goods Act(1930) , Business Law? has been provided alongside types of difference between specific and ascertained goods?? Related: Introduction & Types of Goods - The Sale of Goods Act(1930) , Business Law? theory, EduRev gives you an
ample number of questions to practice difference between specific and ascertained goods?? Related: Introduction & Types of Goods - The Sale of Goods Act(1930) , Business Law? tests, examples and also practice B Com tests.
|
|
Explore Courses for B Com exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup