Goods means every kind of movable property including:a)Actionable claims and currency moneyb)Old Currency notesc)Goodwill and copyrightd)Both(b) and (c)Correct answer is option 'D'. Can you explain this answer?

Question

Accepted Answer

Goods' is defined as per Section 2 (7) of the 'Act' as. “Every kind of movable property other than actionable claims and money; and includes stock and shares, growing crops, grass, and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale.”

“Every kind of movable property other than actionable claims and money; and includes stock and shares, growing crops, grass, and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale.”

Answer

Last option should be...none of the above...

Answer

Explanation:

Goods:
Goods refer to every kind of movable property. Movable property refers to property that can be moved from one place to another. Goods include items such as furniture, machinery, vehicles, clothes, etc.

Inclusions in Goods:
Goods include the following:

1. Actionable claims and currency money: Actionable claims are claims that can be enforced in a court of law. It includes debts and other forms of claims. Currency money refers to the official currency of a country. Both actionable claims and currency money are included in the definition of goods.

2. Old Currency notes: Old currency notes are also considered as goods. These are the currency notes that are no longer in circulation and have been replaced by newer versions. Even though they are no longer considered legal tender, they still hold value and can be bought or sold.

3. Goodwill and copyright: Goodwill refers to the reputation and customer loyalty associated with a business. It is an intangible asset but is considered as goods. Copyright refers to the exclusive rights granted to the creator of an original work. It is also considered as goods.

Correct answer:
The correct answer is option 'D' which states that goods include both old currency notes and goodwill and copyright. Both of these items fall under the definition of goods as they are movable property.

Conclusion:
Goods include every kind of movable property, including actionable claims and currency money, old currency notes, goodwill, and copyright. These items are considered as goods because they are movable and have value.

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