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Introduction - The Sale of Goods Act(1930), Business Law Video Lecture | Business Law - B Com
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FAQs on Introduction - The Sale of Goods Act(1930), Business Law Video Lecture - Business Law - B Com
| 1. What is the primary purpose of the Sale of Goods Act (1930) in India? |  |
Ans. The primary purpose of the Sale of Goods Act (1930) is to regulate the sale of goods within India. It provides a legal framework for the rights and duties of buyers and sellers, ensuring that transactions are conducted fairly and transparently. The Act aims to protect the interests of both parties in a sale, establishing clear guidelines regarding the sale process, terms of the contract, and the remedies available in case of breach.
| 2. What are the essential elements of a contract of sale as per the Sale of Goods Act (1930)? | |
Ans. The essential elements of a contract of sale under the Sale of Goods Act (1930) include the following:
1. Offer and Acceptance: There must be a clear offer by one party and acceptance by another.
2. Consideration: The price must be paid, which can be in cash, kind, or any other form agreed upon.
3. Competent Parties: Both parties must be legally capable of entering into a contract.
4. Specific Goods: The goods being sold must be identifiable and agreed upon.
5. Legal Purpose: The contract must be for lawful purposes and not against public policy.
| 3. What rights does a buyer have under the Sale of Goods Act (1930)? | |
Ans. A buyer has several rights under the Sale of Goods Act (1930), which include:
1. Right to receive goods that are of satisfactory quality and fit for the purpose intended.
2. Right to inspect the goods before accepting them.
3. Right to reject goods that do not conform to the contract.
4. Right to claim damages for any loss suffered due to breach of contract by the seller.
5. Right to specific performance, which allows the buyer to compel the seller to fulfill their contractual obligations.
| 4. What is the significance of 'consideration' in a sale of goods contract? | |
Ans. Consideration is a vital element in a sale of goods contract, as it refers to the price paid for the goods being sold. It signifies the value exchanged between the buyer and seller. Under the Sale of Goods Act (1930), consideration must be lawful and can be in monetary form or other forms as agreed. Without consideration, a contract is not legally enforceable, as it establishes the contractual obligation of both parties.
| 5. How does the Sale of Goods Act (1930) define 'goods'? | |
Ans. The Sale of Goods Act (1930) defines 'goods' as every kind of movable property, except for actionable claims and money. This includes tangible items like machinery, vehicles, and consumables, as well as intangible goods like stocks and shares. The Act emphasizes that goods must be identifiable and must exist or be in the process of being manufactured at the time of the sale.
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Nov 15, 2024 Last updated |
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