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

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

1. What is the Sale of Goods Act(1930)?
The Sale of Goods Act(1930) is a legislation in business law 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 conditions and warranties under the Sale of Goods Act(1930)?
Conditions and warranties are important terms in a contract of sale. Conditions are crucial terms that go to the root of the contract, while warranties are minor terms that are not fundamental to the contract. Conditions are essential for the purpose of the contract and a breach of a condition gives the buyer the right to reject the goods, whereas a breach of a warranty gives the buyer the right to claim damages.
3. What are the differences between conditions and warranties?
The main difference between conditions and warranties lies in the consequences of their breach. A breach of a condition gives the buyer the right to reject the goods and treat the contract as void, while a breach of a warranty gives the buyer the right to claim damages but does not entitle them to reject the goods.
4. What are some examples of conditions and warranties in a sale of goods contract?
Examples of conditions in a sale of goods contract may include the quality, fitness for a particular purpose, or conformity with description of the goods. On the other hand, examples of warranties may include the seller's promise to provide after-sales service or the promise that the goods are non-infringing.
5. How does the Sale of Goods Act(1930) protect the rights of buyers and sellers?
The Sale of Goods Act(1930) provides various provisions to protect the rights of buyers and sellers. It ensures that the goods sold are of satisfactory quality, fit for their intended purpose, and match the description given. It also allows buyers to reject goods in case of breach of a condition, claim damages for breach of warranty, and seek remedies in case of non-delivery or late delivery of goods. Sellers are also protected as they have the right to receive the full purchase price and can sue for the price if the buyer fails to pay.
33 videos|59 docs|18 tests
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