Business Law Ppt
SALE OF GOODS ACT
1930
PRESENTED BY:Lhamo
Kamal Sahu
Madhuri
Patel
Saurabh Lalwani
Nikhil Cheriyan
Contents
INTRODUCTION
ESSENTIALS OF CONTRACT OF SALE
DISTINGUISH BETWEEN SALE AND
AGREEMENT TO SELL
DOCUMENTS OF TITLE TO GOODS
CONDITIONS AND WARRANTIES
DOCTRINE OF CAVEAT EMPTOR
RIGHTS OF UNPAID SELLER
DELIVERY – RULES REGARDING DELIVERY
SALE BY AUCTION
Introduction
Originally, the law relating to sale of goods was contained in Chapter VII of the Indian
Contract Act, 1872. The same was repealed and re-enacted by the Sale of Goods Act, III of 1930.
Definition
(Section 4)
A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for price.
ESSENTIALS OF CONTRACT OF SALE
1. There must be at least two parties
2. Transfer or Agreement to transfer the ownership of goods.
3. The subject matter of the contract must necessarily be 'goods'.
Continue…..
4. The consideration is Price.
5. Includes both a sale and an agreement to sale.
6. No formalities to be observed.
`
SALE AND AGREEMENT TO SELL DISTINGUISHED
Transfer of property(ownership)
Risk of loss
Consequences of breach
Right of resale
Insolvency of buyer before he pays for the goods
Insolvency of seller if the buyer has already paid the price
Sale and Hire Purchase Agreement distinguished SALE
HIRE PURCHASE
AGREEMENT
A. Ownership is transferred from the seller to the buyer as soon as the contact is entered into.
A. Ownership is transferred from the seller to the hire purchaser only when a certain number of instalments is paid
B. The position of the buyer is that of the owner.
B. The position of the hire purchaser is that of a Bailee.
C. The buyer cannot terminate the contract and as such is bound to pay the price of the goods.
C. The hire purchaser has an option to terminate the contract at any stage, and cannot be forced to pay the further
1930
PRESENTED BY:Lhamo
Kamal Sahu
Madhuri
Patel
Saurabh Lalwani
Nikhil Cheriyan
Contents
INTRODUCTION
ESSENTIALS OF CONTRACT OF SALE
DISTINGUISH BETWEEN SALE AND
AGREEMENT TO SELL
DOCUMENTS OF TITLE TO GOODS
CONDITIONS AND WARRANTIES
DOCTRINE OF CAVEAT EMPTOR
RIGHTS OF UNPAID SELLER
DELIVERY – RULES REGARDING DELIVERY
SALE BY AUCTION
Introduction
Originally, the law relating to sale of goods was contained in Chapter VII of the Indian
Contract Act, 1872. The same was repealed and re-enacted by the Sale of Goods Act, III of 1930.
Definition
(Section 4)
A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for price.
ESSENTIALS OF CONTRACT OF SALE
1. There must be at least two parties
2. Transfer or Agreement to transfer the ownership of goods.
3. The subject matter of the contract must necessarily be 'goods'.
Continue…..
4. The consideration is Price.
5. Includes both a sale and an agreement to sale.
6. No formalities to be observed.
`
SALE AND AGREEMENT TO SELL DISTINGUISHED
Transfer of property(ownership)
Risk of loss
Consequences of breach
Right of resale
Insolvency of buyer before he pays for the goods
Insolvency of seller if the buyer has already paid the price
Sale and Hire Purchase Agreement distinguished SALE
HIRE PURCHASE
AGREEMENT
A. Ownership is transferred from the seller to the buyer as soon as the contact is entered into.
A. Ownership is transferred from the seller to the hire purchaser only when a certain number of instalments is paid
B. The position of the buyer is that of the owner.
B. The position of the hire purchaser is that of a Bailee.
C. The buyer cannot terminate the contract and as such is bound to pay the price of the goods.
C. The hire purchaser has an option to terminate the contract at any stage, and cannot be forced to pay the further