Table of contents | |
Sale | |
Lease | |
Exchange | |
Gift | |
Difference between Sale, Lease, Exchange and Gift | |
Intellectual Property |
Example: A sells his house for Rs. lakhs to B. This is called sale, where, A is the seller and B is the buyer. Rs. lakhs is the consideration which is money.
The following are the essentials for a sale to be valid:
Liabilities of Seller:
Rights of Seller:
Liabilities of Buyer:
Rights of Buyer:
Lessor is the person who lets out the property for lease or transferor, and lessee is the person to whom the property is leased or the transferee in a lease.
Example: A for a period of years lets out his property for use to B for a sum of Rs. 5, This is called lease. A is the lessor and B is the lessee. If B sublets the property to C, then B will be the lessee and C will be the sublessee. The relation between B and C will be of that relation that is between A and B.
Rights and Liabilities of the Lessor:
Rights and Liabilities of the Lessee
When two persons transfer ownership of one thing for the ownership of another, it is called exchange ‘Section 118 of the TPA’.
Example: A offers to sell his cottage to B. B in consideration of the cottage sells his farm to A. Instead of getting money for his cottage, A has received a farm from B. This is an example for exchange. The rights and liabilities of A will be that of seller towards the sale of the cottage and will be that of buyer towards the sale of the farm. Similarly, the rights and liabilities of B will be that of buyer towards the sale of the cottage and that of seller towards the sale of the farm.
A transfer of ownership of property that is made voluntarily and without consideration is called Gift ‘Section 122 of the TPA’.
The person making the transfer is called the donor and the person to whom it is made is called the donee.
If the donee expires before accepting the gift, it becomes void.
Example: A gives his car to B. B accepts the car. But B does not pay anything in return for the car. This is known as gift. In this case, A is the donor and B is the donee.
Any work such as invention, artistic work or literary work, design, symbol, name, image, etc. created by the knowledge or intellectual capacity of a person is called intellectual property. Such intellectual property can be protected by law.
1. What is the difference between a sale and a lease? |
2. Can intellectual property be exchanged? |
3. What is the difference between a sale and a gift? |
4. Can intellectual property be leased? |
5. What are the advantages of leasing compared to buying? |
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