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In which form of the contract, the property in the goods passes to the buyer immediately:
- a)agreement to sell.
- b)hire purchase.
- c)sale
- d)installment to sell.
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
In which form of the contract, the property in the goods passes to the...
Property passes immediately in 'Sale' Contract
Sale is a contract in which the ownership of goods is transferred from the seller to the buyer in exchange for a price. In a sale contract, the property in the goods passes to the buyer immediately upon execution of the contract.
Explanation:
Agreement to sell:
An agreement to sell is a contract wherein the seller agrees to sell the goods to the buyer at a future date or upon the occurrence of a specified event. In such a contract, the property in the goods does not pass to the buyer immediately. It passes only when the conditions specified in the contract are fulfilled.
Hire purchase:
Hire purchase is a contract wherein the seller allows the buyer to use the goods without transferring the ownership of the goods. The buyer becomes the owner of the goods only after he has paid all the installments. In such a contract, the property in the goods does not pass to the buyer immediately.
Installment to sell:
Installment to sell is a contract wherein the buyer is given the possession of the goods at the time of the contract, but the ownership of the goods is retained by the seller until the buyer has paid all the installments. In such a contract, the property in the goods does not pass to the buyer immediately.
Conclusion:
Thus, from the above explanation, it can be concluded that the property in the goods passes to the buyer immediately in a sale contract.
Sale is a contract in which the ownership of goods is transferred from the seller to the buyer in exchange for a price. In a sale contract, the property in the goods passes to the buyer immediately upon execution of the contract.
Explanation:
Agreement to sell:
An agreement to sell is a contract wherein the seller agrees to sell the goods to the buyer at a future date or upon the occurrence of a specified event. In such a contract, the property in the goods does not pass to the buyer immediately. It passes only when the conditions specified in the contract are fulfilled.
Hire purchase:
Hire purchase is a contract wherein the seller allows the buyer to use the goods without transferring the ownership of the goods. The buyer becomes the owner of the goods only after he has paid all the installments. In such a contract, the property in the goods does not pass to the buyer immediately.
Installment to sell:
Installment to sell is a contract wherein the buyer is given the possession of the goods at the time of the contract, but the ownership of the goods is retained by the seller until the buyer has paid all the installments. In such a contract, the property in the goods does not pass to the buyer immediately.
Conclusion:
Thus, from the above explanation, it can be concluded that the property in the goods passes to the buyer immediately in a sale contract.
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In which form of the contract, the property in the goods passes to the...
Option 'c' is correct as sale means immediate transfer of property in the goods to buyer from seller.Let's take an example for good understanding::
You went to shopkeeper for purchasing geometry box in this case he will give you geometry box and you will give him payment for geometry box. Here there is immediate transfer of property in goods to buyer. Whereas in agreement to sell the property in goods is transferred at some future date on fulfillment of some conditions. For example, A contracts B to supply cotton to A after 1 year when the cotton becomes ready for transportation.So here this is an agreement to sell where goods here cotton will be transferred to buyer at some future date.
You went to shopkeeper for purchasing geometry box in this case he will give you geometry box and you will give him payment for geometry box. Here there is immediate transfer of property in goods to buyer. Whereas in agreement to sell the property in goods is transferred at some future date on fulfillment of some conditions. For example, A contracts B to supply cotton to A after 1 year when the cotton becomes ready for transportation.So here this is an agreement to sell where goods here cotton will be transferred to buyer at some future date.
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In which form of the contract, the property in the goods passes to the buyer immediately:a)agreement to sell.b)hire purchase.c)saled)installment to sell.Correct answer is option 'C'. Can you explain this answer?
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