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Transfer of property in goods - The Sale of Goods Act(1930) , Business Law Video Lecture | Business Law - B Com
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FAQs on Transfer of property in goods - The Sale of Goods Act(1930) , Business Law Video Lecture - Business Law - B Com
| 1. What is the Sale of Goods Act (1930) and how does it relate to the transfer of property in goods? |  |
Ans. The Sale of Goods Act (1930) is an important legislation that governs the sale and purchase of goods in India. It defines the rules and regulations regarding the transfer of property in goods from the seller to the buyer. According to the Act, property in goods is transferred from the seller to the buyer when the parties intend it to be transferred.
| 2. What are the different modes of transfer of property in goods under the Sale of Goods Act? | |
Ans. The Sale of Goods Act recognizes three modes of transfer of property in goods:
1. Transfer of ownership or property by agreement: Property in goods can be transferred from the seller to the buyer by mutual agreement.
2. Transfer of property by delivery: Property in goods can be transferred by actual or symbolic delivery of the goods.
3. Transfer of property by transfer of documents of title: Property in goods can be transferred through the transfer of documents of title, such as bills of lading or warehouse receipts.
| 3. What are the conditions for the transfer of property in goods by agreement under the Sale of Goods Act? | |
Ans. For the transfer of property in goods by agreement, the following conditions must be satisfied:
1. There must be an agreement between the seller and the buyer.
2. The agreement must relate to specific goods.
3. The property in the goods must be intended to be transferred.
| 4. Can property in goods be transferred without the actual delivery of goods under the Sale of Goods Act? | |
Ans. Yes, property in goods can be transferred without the actual delivery of goods under certain circumstances. Symbolic delivery or delivery by attornment is recognized under the Sale of Goods Act. For example, if the goods are already in the possession of the buyer as a bailee or if the goods are in the possession of a third party with the consent of the seller and the buyer, property in goods can be transferred without actual physical delivery.
| 5. What is the significance of the transfer of property in goods under the Sale of Goods Act? | |
Ans. The transfer of property in goods is significant as it determines the rights and liabilities of the buyer and the seller. Once the property is transferred, the buyer becomes the owner of the goods, and he/she assumes the risk associated with the goods. The transfer of property also enables the buyer to sue the seller in case of any breach of contract. Additionally, it is crucial for determining the passing of title in insolvency or bankruptcy cases.
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