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Definition - The Sale of Goods Act(1930) , Business Law Video Lecture | Business Law - B Com

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FAQs on Definition - The Sale of Goods Act(1930) , Business Law Video Lecture - Business Law - B Com

1. What is the Sale of Goods Act (1930) and what does it govern?
Ans. The Sale of Goods Act (1930) is a legislation that governs the sale of goods in India. It outlines the rights and obligations of both buyers and sellers in a transaction involving the sale of goods.
2. What are the key provisions of the Sale of Goods Act (1930)?
Ans. The Sale of Goods Act (1930) includes key provisions such as the definition of a contract of sale, the conditions and warranties implied in a contract of sale, transfer of ownership, remedies for breach of contract, and the rights and duties of unpaid sellers.
3. What is the difference between conditions and warranties under the Sale of Goods Act (1930)?
Ans. Under the Sale of Goods Act (1930), conditions are crucial terms of a contract that are essential to the main purpose of the contract. Breach of a condition gives the innocent party the right to terminate the contract and claim damages. Warranties, on the other hand, are minor terms that are not fundamental to the contract, and their breach only gives rise to a claim for damages.
4. What remedies are available to a buyer in case of a breach of contract under the Sale of Goods Act (1930)?
Ans. If there is a breach of contract by the seller under the Sale of Goods Act (1930), a buyer can avail various remedies such as rejecting the goods, claiming damages, specific performance, or even recovering the price paid for the goods.
5. What are the rights and duties of an unpaid seller under the Sale of Goods Act (1930)?
Ans. The Sale of Goods Act (1930) provides certain rights and duties to an unpaid seller. The unpaid seller has the right to withhold delivery of the goods until the price is paid, the right to stop the goods in transit, and the right to resell the goods in certain circumstances. Additionally, the unpaid seller has a duty to mitigate damages and provide notice to the buyer in case of breach of contract.
33 videos|59 docs|18 tests
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