What is the significance of reciprocal promises in a sales contract?

They are optional commitments made by the seller.

They are one-sided promises made by the buyer.

They are crucial commitments made by both parties in exchange for each other's promises.

They are legal formalities without any practical importance.

In a sales contract scenario, what does Section 2(f) of the Indian Contract Act primarily refer to?

The rights of the seller in case of buyer default.

The definition of goods that can be sold.

The seller's responsibility to market the products.

The concept of quid pro quo between the buyer and the seller.

How are reciprocal promises exemplified in an online book purchase transaction?

The seller promises to deliver the book, and the buyer pays in advance.

The buyer promises to pay upon delivery, and the seller doesn't commit to a delivery date.

The seller offers a discount, and the buyer agrees to write a review.

The buyer promises to pay the price upon delivery, and the seller commits to delivering the book.

What defines an unpaid seller under the Sale of Goods Act?

When the buyer has paid the whole price of the goods.

When the payment is unconditional.

When the seller has not received any bill of exchange, promissory note, or cheque.

When the seller has received a dishonored bill of exchange, promissory note, or cheque.

In what situation is a buyer considered to have not completed the payment for goods as per the agreed terms of the sale?

When the buyer pays the whole price upfront.

When the buyer pays in multiple currencies.

When the buyer pays less than the agreed price for the goods.

When the buyer pays more than the agreed price for the goods.

Who is considered an unpaid seller under the Sale of Goods Act, and why is it important to understand this concept for buyers and sellers?

A seller who has not received payment in full

A buyer who defaults on payment

A seller who refuses to deliver goods

What does the right of lien provide for an unpaid seller under the Sale of Goods Act?

The right to seize the buyer's assets

The right to repossess the goods sold

The right to retain possession of the goods until payment is made

The right to demand immediate payment upon delivery

What event leads to the termination of the right of lien for an unpaid seller as per the Sale of Goods Act?

Handing the goods to a carrier for transmission without retaining the right of disposal

The buyer legally acquiring possession of the goods

The seller's explicit waiver of the right of lien

Partial delivery of the goods to the buyer

What recourse does the unpaid seller have if losses are incurred on resale due to a breach of contract?

Surrender all profits to the buyer

Claim damages for losses incurred

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