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P sells a car by auction to Q, who is the highest bidder. Q offers to pay for the car by a cheque and he is allowed to do so provided he signs a document stating that the property in the car would not pass to him until the amount of the cheque has been credited to the seller’s account. The cheque is subsequently dishonoured. P asks Q to return back the car as he has not become the owner of the car because the cheque given by him has been dishonoured. Decide:
- a)Yes, P’s contention is justified
- b)No, P’s contention is not justified
- c)Car should be re-auctioned by Q
- d)None of these
Correct answer is 'B'. Can you explain this answer?
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P sells a car by auction to Q, who is the highest bidder. Q offers to ...
's account. Q agrees to this condition and signs the document. P delivers the car to Q. However, Q stops payment on the cheque after taking possession of the car.
In this scenario, P can take legal action against Q for breach of contract. The document signed by Q clearly stated that the property in the car would not pass to him until the amount of the cheque had been credited to P's account. By stopping payment on the cheque, Q has breached this condition and has not fulfilled his obligation to pay for the car.
P can sue Q for the amount of the cheque and also for any damages suffered as a result of Q's breach of contract, such as loss of use of the car or any expenses incurred in trying to recover the payment. P may also be able to repossess the car if it can be located.
It is important for sellers to ensure that they have a clear and enforceable payment process in place when selling goods by auction or otherwise. This may include verifying the buyer's ability to pay, setting clear payment terms, and taking appropriate legal action in the event of non-payment or breach of contract.
In this scenario, P can take legal action against Q for breach of contract. The document signed by Q clearly stated that the property in the car would not pass to him until the amount of the cheque had been credited to P's account. By stopping payment on the cheque, Q has breached this condition and has not fulfilled his obligation to pay for the car.
P can sue Q for the amount of the cheque and also for any damages suffered as a result of Q's breach of contract, such as loss of use of the car or any expenses incurred in trying to recover the payment. P may also be able to repossess the car if it can be located.
It is important for sellers to ensure that they have a clear and enforceable payment process in place when selling goods by auction or otherwise. This may include verifying the buyer's ability to pay, setting clear payment terms, and taking appropriate legal action in the event of non-payment or breach of contract.
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P sells a car by auction to Q, who is the highest bidder. Q offers to ...
As ownership is transfered
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P sells a car by auction to Q, who is the highest bidder. Q offers to pay for the car by a cheque and he is allowed to do so provided he signs a document stating that the property in the car would not pass to him until the amount of the cheque has been credited to the seller’s account. The cheque is subsequently dishonoured. P asks Q to return back the car as he has not become the owner of the car because the cheque given by him has been dishonoured. Decide:a)Yes, P’s contention is justifiedb)No, P’s contention is not justifiedc)Car should be re-auctioned by Qd)None of theseCorrect answer is 'B'. Can you explain this answer?
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P sells a car by auction to Q, who is the highest bidder. Q offers to pay for the car by a cheque and he is allowed to do so provided he signs a document stating that the property in the car would not pass to him until the amount of the cheque has been credited to the seller’s account. The cheque is subsequently dishonoured. P asks Q to return back the car as he has not become the owner of the car because the cheque given by him has been dishonoured. Decide:a)Yes, P’s contention is justifiedb)No, P’s contention is not justifiedc)Car should be re-auctioned by Qd)None of theseCorrect answer is 'B'. 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 P sells a car by auction to Q, who is the highest bidder. Q offers to pay for the car by a cheque and he is allowed to do so provided he signs a document stating that the property in the car would not pass to him until the amount of the cheque has been credited to the seller’s account. The cheque is subsequently dishonoured. P asks Q to return back the car as he has not become the owner of the car because the cheque given by him has been dishonoured. Decide:a)Yes, P’s contention is justifiedb)No, P’s contention is not justifiedc)Car should be re-auctioned by Qd)None of theseCorrect answer is 'B'. 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 P sells a car by auction to Q, who is the highest bidder. Q offers to pay for the car by a cheque and he is allowed to do so provided he signs a document stating that the property in the car would not pass to him until the amount of the cheque has been credited to the seller’s account. The cheque is subsequently dishonoured. P asks Q to return back the car as he has not become the owner of the car because the cheque given by him has been dishonoured. Decide:a)Yes, P’s contention is justifiedb)No, P’s contention is not justifiedc)Car should be re-auctioned by Qd)None of theseCorrect answer is 'B'. Can you explain this answer?.
P sells a car by auction to Q, who is the highest bidder. Q offers to pay for the car by a cheque and he is allowed to do so provided he signs a document stating that the property in the car would not pass to him until the amount of the cheque has been credited to the seller’s account. The cheque is subsequently dishonoured. P asks Q to return back the car as he has not become the owner of the car because the cheque given by him has been dishonoured. Decide:a)Yes, P’s contention is justifiedb)No, P’s contention is not justifiedc)Car should be re-auctioned by Qd)None of theseCorrect answer is 'B'. 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 P sells a car by auction to Q, who is the highest bidder. Q offers to pay for the car by a cheque and he is allowed to do so provided he signs a document stating that the property in the car would not pass to him until the amount of the cheque has been credited to the seller’s account. The cheque is subsequently dishonoured. P asks Q to return back the car as he has not become the owner of the car because the cheque given by him has been dishonoured. Decide:a)Yes, P’s contention is justifiedb)No, P’s contention is not justifiedc)Car should be re-auctioned by Qd)None of theseCorrect answer is 'B'. 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 P sells a car by auction to Q, who is the highest bidder. Q offers to pay for the car by a cheque and he is allowed to do so provided he signs a document stating that the property in the car would not pass to him until the amount of the cheque has been credited to the seller’s account. The cheque is subsequently dishonoured. P asks Q to return back the car as he has not become the owner of the car because the cheque given by him has been dishonoured. Decide:a)Yes, P’s contention is justifiedb)No, P’s contention is not justifiedc)Car should be re-auctioned by Qd)None of theseCorrect answer is 'B'. Can you explain this answer?.
Solutions for P sells a car by auction to Q, who is the highest bidder. Q offers to pay for the car by a cheque and he is allowed to do so provided he signs a document stating that the property in the car would not pass to him until the amount of the cheque has been credited to the seller’s account. The cheque is subsequently dishonoured. P asks Q to return back the car as he has not become the owner of the car because the cheque given by him has been dishonoured. Decide:a)Yes, P’s contention is justifiedb)No, P’s contention is not justifiedc)Car should be re-auctioned by Qd)None of theseCorrect answer is 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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Here you can find the meaning of P sells a car by auction to Q, who is the highest bidder. Q offers to pay for the car by a cheque and he is allowed to do so provided he signs a document stating that the property in the car would not pass to him until the amount of the cheque has been credited to the seller’s account. The cheque is subsequently dishonoured. P asks Q to return back the car as he has not become the owner of the car because the cheque given by him has been dishonoured. Decide:a)Yes, P’s contention is justifiedb)No, P’s contention is not justifiedc)Car should be re-auctioned by Qd)None of theseCorrect answer is 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
P sells a car by auction to Q, who is the highest bidder. Q offers to pay for the car by a cheque and he is allowed to do so provided he signs a document stating that the property in the car would not pass to him until the amount of the cheque has been credited to the seller’s account. The cheque is subsequently dishonoured. P asks Q to return back the car as he has not become the owner of the car because the cheque given by him has been dishonoured. Decide:a)Yes, P’s contention is justifiedb)No, P’s contention is not justifiedc)Car should be re-auctioned by Qd)None of theseCorrect answer is 'B'. Can you explain this answer?, a detailed solution for P sells a car by auction to Q, who is the highest bidder. Q offers to pay for the car by a cheque and he is allowed to do so provided he signs a document stating that the property in the car would not pass to him until the amount of the cheque has been credited to the seller’s account. The cheque is subsequently dishonoured. P asks Q to return back the car as he has not become the owner of the car because the cheque given by him has been dishonoured. Decide:a)Yes, P’s contention is justifiedb)No, P’s contention is not justifiedc)Car should be re-auctioned by Qd)None of theseCorrect answer is 'B'. Can you explain this answer? has been provided alongside types of P sells a car by auction to Q, who is the highest bidder. Q offers to pay for the car by a cheque and he is allowed to do so provided he signs a document stating that the property in the car would not pass to him until the amount of the cheque has been credited to the seller’s account. The cheque is subsequently dishonoured. P asks Q to return back the car as he has not become the owner of the car because the cheque given by him has been dishonoured. Decide:a)Yes, P’s contention is justifiedb)No, P’s contention is not justifiedc)Car should be re-auctioned by Qd)None of theseCorrect answer is 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice P sells a car by auction to Q, who is the highest bidder. Q offers to pay for the car by a cheque and he is allowed to do so provided he signs a document stating that the property in the car would not pass to him until the amount of the cheque has been credited to the seller’s account. The cheque is subsequently dishonoured. P asks Q to return back the car as he has not become the owner of the car because the cheque given by him has been dishonoured. Decide:a)Yes, P’s contention is justifiedb)No, P’s contention is not justifiedc)Car should be re-auctioned by Qd)None of theseCorrect answer is 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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