B Com Exam > B Com Videos > Business Law > Introduction - The Sale of Goods Act(1930), Business Law
Introduction - The Sale of Goods Act(1930), Business Law Video Lecture | Business Law - B Com
|
33 videos|59 docs|18 tests
|
FAQs on Introduction - The Sale of Goods Act(1930), Business Law Video Lecture - Business Law - B Com
| 1. What is the primary purpose of the Sale of Goods Act (1930) in India? |  |
Ans. The primary purpose of the Sale of Goods Act (1930) is to regulate the sale of goods within India. It provides a legal framework for the rights and duties of buyers and sellers, ensuring that transactions are conducted fairly and transparently. The Act aims to protect the interests of both parties in a sale, establishing clear guidelines regarding the sale process, terms of the contract, and the remedies available in case of breach.
| 2. What are the essential elements of a contract of sale as per the Sale of Goods Act (1930)? | |
Ans. The essential elements of a contract of sale under the Sale of Goods Act (1930) include the following:
1. Offer and Acceptance: There must be a clear offer by one party and acceptance by another.
2. Consideration: The price must be paid, which can be in cash, kind, or any other form agreed upon.
3. Competent Parties: Both parties must be legally capable of entering into a contract.
4. Specific Goods: The goods being sold must be identifiable and agreed upon.
5. Legal Purpose: The contract must be for lawful purposes and not against public policy.
| 3. What rights does a buyer have under the Sale of Goods Act (1930)? | |
Ans. A buyer has several rights under the Sale of Goods Act (1930), which include:
1. Right to receive goods that are of satisfactory quality and fit for the purpose intended.
2. Right to inspect the goods before accepting them.
3. Right to reject goods that do not conform to the contract.
4. Right to claim damages for any loss suffered due to breach of contract by the seller.
5. Right to specific performance, which allows the buyer to compel the seller to fulfill their contractual obligations.
| 4. What is the significance of 'consideration' in a sale of goods contract? | |
Ans. Consideration is a vital element in a sale of goods contract, as it refers to the price paid for the goods being sold. It signifies the value exchanged between the buyer and seller. Under the Sale of Goods Act (1930), consideration must be lawful and can be in monetary form or other forms as agreed. Without consideration, a contract is not legally enforceable, as it establishes the contractual obligation of both parties.
| 5. How does the Sale of Goods Act (1930) define 'goods'? | |
Ans. The Sale of Goods Act (1930) defines 'goods' as every kind of movable property, except for actionable claims and money. This includes tangible items like machinery, vehicles, and consumables, as well as intangible goods like stocks and shares. The Act emphasizes that goods must be identifiable and must exist or be in the process of being manufactured at the time of the sale.
Related Exams
About this Video
|
4.87/5 Rating |
|
Dec 23, 2024 Last updated |
Video Description: Introduction - The Sale of Goods Act(1930), Business Law for B Com 2024 is part of Business Law preparation.
The notes and questions for Introduction - The Sale of Goods Act(1930), Business Law have been prepared according to the B Com exam syllabus.
Information about Introduction - The Sale of Goods Act(1930), Business Law covers all important topics for B Com 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Introduction - The Sale of Goods Act(1930), Business Law.
Introduction of Introduction - The Sale of Goods Act(1930), Business Law in English is available as part of our Business Law for B Com & Introduction - The Sale of Goods Act(1930), Business Law in
Hindi for Business Law course. Download more important topics related with notes, lectures and mock test series for
B Com Exam by signing up for free.
Description
Video Lecture & Questions for Introduction - The Sale of Goods Act(1930), Business Law Video Lecture | Business Law - B Com - B Com full syllabus preparation | Free video for B Com exam to prepare for Business Law.
Information about Introduction - The Sale of Goods Act(1930), Business Law
Here you can find the meaning of Introduction - The Sale of Goods Act(1930), Business Law defined & explained in the simplest way possible.
Besides explaining types of Introduction - The Sale of Goods Act(1930), Business Law theory, EduRev gives you an ample number of questions to practice Introduction - The Sale of Goods Act(1930), Business Law tests,
examples and also practice B Com tests.
|
33 videos|59 docs|18 tests
|
|
Explore Courses for B Com exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Semester Notes
,Introduction - The Sale of Goods Act(1930)
,video lectures
,Extra Questions
,Previous Year Questions with Solutions
,Business Law Video Lecture | Business Law - B Com
,ppt
,practice quizzes
,Free
,study material
,Important questions
,Summary
,Introduction - The Sale of Goods Act(1930)
,Introduction - The Sale of Goods Act(1930)
,Exam
,shortcuts and tricks
,Sample Paper
,Viva Questions
,Objective type Questions
,MCQs
,Business Law Video Lecture | Business Law - B Com
,mock tests for examination
,past year papers
,Business Law Video Lecture | Business Law - B Com
;
Study Introduction - The Sale of Goods Act(1930), Business Law on the App
Students of B Com can study Introduction - The Sale of Goods Act(1930), Business Law alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Introduction - The Sale of Goods Act(1930), Business Law,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Introduction - The Sale of Goods Act(1930), Business Law is prepared as per the latest B Com syllabus.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup