CA Foundation Exam > CA Foundation Videos > Business Laws for CA Foundation > The Sale of Goods Act, 1930
The Sale of Goods Act, 1930 Video Lecture | Business Laws for CA Foundation
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FAQs on The Sale of Goods Act, 1930 Video Lecture - Business Laws for CA Foundation
| 1. What is the Sale of Goods Act, 1930? |  |
Ans. The Sale of Goods Act, 1930 is a law that governs the sale and purchase of goods in India. It provides rules and regulations regarding contracts for the sale of goods, rights and obligations of buyers and sellers, warranties, delivery, and payment terms.
| 2. What are the key provisions of the Sale of Goods Act, 1930? | |
Ans. The Sale of Goods Act, 1930 includes provisions such as the definition of a contract of sale, conditions and warranties, transfer of ownership, delivery of goods, payment terms, and remedies for breach of contract. These provisions aim to protect the rights of both buyers and sellers in a commercial transaction.
| 3. How does the Sale of Goods Act, 1930 protect buyers and sellers? | |
Ans. The Sale of Goods Act, 1930 protects buyers and sellers by providing a framework for fair and transparent business transactions. It ensures that goods sold are of satisfactory quality, fit for the purpose they are intended for, and correspond to their description. If there is a breach of contract, the Act provides remedies such as damages, specific performance, or rejection of goods.
| 4. Can the Sale of Goods Act, 1930 be applied to all types of goods? | |
Ans. Yes, the Sale of Goods Act, 1930 applies to all types of goods, except for specific cases mentioned in the Act. However, certain provisions of the Act may not be applicable to goods that have been specifically exempted or regulated by other laws in India, such as agricultural produce or electricity.
| 5. What are the consequences of a breach of contract under the Sale of Goods Act, 1930? | |
Ans. The consequences of a breach of contract under the Sale of Goods Act, 1930 can vary depending on the severity of the breach. The innocent party may be entitled to claim damages, reject the goods, seek specific performance, or recover the price paid. The Act also provides for the recovery of incidental and consequential damages caused by the breach.
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