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Even if a substantial portion of the price is paid and only a small balance is pending, the seller is still regarded as an Unpaid Seller. This statement is :
- a)True
- b)Partly true
- c)False
- d)Partly false
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Even if a substantial portion of the price is paid and only a small ba...
Explanation:
According to the Sale of Goods Act, 1930, an unpaid seller is defined as a seller who has not received the full payment for the goods sold or who has received a negotiable instrument like a promissory note or a bill of exchange as payment and the instrument has been dishonored.
Unpaid Seller:
An unpaid seller has certain rights against the goods and the buyer. These rights include:
- The right to withhold delivery of the goods until full payment is received
- The right to sue for the price of the goods
- The right of lien over the goods
- The right of stoppage in transit
Partial Payment:
Even if a substantial portion of the price has been paid and only a small balance is pending, the seller is still considered as an unpaid seller. This means that until the full payment is received, the seller retains the rights of an unpaid seller over the goods and the buyer.
Example:
For example, let's say a buyer purchases goods worth $100 from a seller. The buyer makes a partial payment of $90 and still has a balance of $10 pending. Even though the buyer has paid a substantial portion of the price, the seller is still considered as an unpaid seller until the full payment of $100 is received.
Reason:
The reason for considering the seller as an unpaid seller even with partial payment is to protect the rights and interests of the seller. By retaining the rights of an unpaid seller, the seller has recourse in case of non-payment or default by the buyer. This ensures that the seller has the necessary legal remedies to recover the remaining balance and to protect their financial interests.
Conclusion:
Therefore, even if a substantial portion of the price is paid and only a small balance is pending, the seller is still regarded as an unpaid seller until the full payment is received. This is to protect the rights and interests of the seller and to provide legal remedies in case of non-payment or default by the buyer.
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Even if a substantial portion of the price is paid and only a small balance is pending, the seller is still regarded as an Unpaid Seller. This statement is :a)Trueb)Partly truec)Falsed)Partly falseCorrect answer is option 'A'. Can you explain this answer?
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