FAQs on The Sale of Goods Act, 1930 - 2

Question 1

1. What is the purpose of the Sale of Goods Act, 1930?

Accepted Answer

Ans. The Sale of Goods Act, 1930 aims to regulate the sale of goods in India. It provides a legal framework for the rights and duties of buyers and sellers, ensuring fair trade practices and protecting the interests of both parties in a sale transaction.

Question 2

2. What are the essential elements of a contract of sale under the Sale of Goods Act?

Accepted Answer

Ans. The essential elements of a contract of sale under the Sale of Goods Act include the following: 1. Parties must be competent to contract.2. There must be a lawful object.3. The price must be agreed upon.4. The goods must be specific or ascertainable.5. The contract must be made with the intention of transferring ownership.

Question 3

3. What are the rights of a buyer under the Sale of Goods Act, 1930?

Accepted Answer

Ans. The rights of a buyer under the Sale of Goods Act, 1930 include:1. The right to receive goods as per the contract.2. The right to reject goods that do not meet the contract specifications.3. The right to claim damages for non-delivery or improper delivery.4. The right to demand specific performance of the contract.

Question 4

4. Can a seller pass ownership of goods that are not owned by them?

Accepted Answer

Ans. No, under the Sale of Goods Act, a seller cannot pass ownership of goods that they do not own. The principle of 'nemo dat quod non habet' applies, meaning that one cannot give what one does not have. However, there are exceptions, such as when the seller is a mercantile agent with the consent of the owner.

Question 5

5. What remedies are available to a buyer in case of breach of contract?

Accepted Answer

Ans. The remedies available to a buyer in case of breach of contract under the Sale of Goods Act include:1. The right to reject the goods.2. The right to claim damages for any loss suffered.3. The right to specific performance of the contract.4. The right to recover the purchase price if the goods are not delivered.

The Sale of Goods Act, 1930 - 2 Video Lecture - Crash Course for CA Foundation

Crash Course for CA Foundation

Top Courses

Competitive & Government Exams

Schools

Competitive Exams

International Exams

Study The Sale of Goods Act, 1930 - 2 on the App