CA Foundation Exam > CA Foundation Notes > Business Laws for CA Foundation > Cheatsheet: Formation of the Contract of Sale
Cheatsheet: Formation of the Contract of Sale | Business Laws for CA Foundation PDF Download
Introduction
Scope of the Act
Definitions
Classification of Goods
Forms of Delivery
Sale and Agreement to Sell [Sec. 4]
Sale vs. Other Contracts
Contract of Sale: How Made [Sec. 5]
Subject Matter of Contract [Sec. 6–8]
Ascertainment of Price [Sec. 9–10]
The document Cheatsheet: Formation of the Contract of Sale | Business Laws for CA Foundation is a part of the CA Foundation Course Business Laws for CA Foundation.
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FAQs on Cheatsheet: Formation of the Contract of Sale - Business Laws for CA Foundation
| 1. What is the primary purpose of the Act governing the contract of sale? |  |
Ans. The primary purpose of the Act is to provide a legal framework that governs the formation, execution, and enforcement of contracts for the sale of goods. It aims to ensure clarity and fairness in transactions involving the sale of goods, delineating the rights and obligations of both the seller and the buyer.
| 2. How does the Act differentiate between a sale and an agreement to sell? | |
Ans. The Act differentiates between a sale and an agreement to sell based on the transfer of ownership. In a sale, the ownership of the goods is transferred immediately from the seller to the buyer, while in an agreement to sell, the transfer of ownership is to take place at a future date or subject to certain conditions. Thus, a sale represents a completed transaction, whereas an agreement to sell indicates a promise of future action.
| 3. What are the essential elements that constitute the formation of a contract of sale? | |
Ans. The essential elements that constitute the formation of a contract of sale include the parties involved (the seller and buyer), the subject matter (the goods being sold), the price (which must be ascertained or ascertainable), and the mutual consent of both parties. Additionally, the contract must be made in accordance with the provisions outlined in the Act.
| 4. How is the subject matter of a contract of sale defined under the Act? | |
Ans. The subject matter of a contract of sale is defined as the goods that are being sold. These goods must be specific, identifiable, and capable of being delivered. The Act provides specific guidelines regarding the types of goods that can be sold, including existing goods, future goods, and contingent goods, ensuring that the subject matter is lawful and within the scope of the contract.
| 5. What process is followed for ascertaining the price in a contract of sale? | |
Ans. The process for ascertaining the price in a contract of sale involves determining a fixed sum that both parties agree upon, or if not predetermined, allowing for a reasonable price to be determined based on market value or prevailing conditions. The Act ensures that the price must be ascertainable and must not be vague, providing clarity and fairness in the transaction.
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Document Description: Cheatsheet: Formation of the Contract of Sale for CA Foundation 2025 is part of Business Laws for CA Foundation preparation.
The notes and questions for Cheatsheet: Formation of the Contract of Sale have been prepared according to the CA Foundation exam syllabus. Information about Cheatsheet: Formation of the Contract of Sale covers topics
like Introduction, Scope of the Act, Definitions, Classification of Goods, Forms of Delivery, Sale and Agreement to Sell [Sec. 4], Sale vs. Other Contracts, Contract of Sale: How Made [Sec. 5], Subject Matter of Contract [Sec. 6–8], Ascertainment of Price [Sec. 9–10] and Cheatsheet: Formation of the Contract of Sale Example, for CA Foundation 2025 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Cheatsheet: Formation of the Contract of Sale.
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