The Sale of Goods Act
THE SALE OF
GOODS ACT, 1930
What you should know?
✓ 15.1 Formation of Contract of Sale ✓ 15.2 Conditions and Warranties – Doctrine of Caveat Emptor. ✓ 15.3 Transfer of Ownership from seller to buyer – Transfer by non-owners ✓ 15.4 Performance of the Contract – Rules regarding delivery. ✓ 15.5 Rights of Buyer ✓ 15.6 Rights of Unpaid Seller ✓ 15.7 Auction Sales
The Sale of Goods Act, 1930, governs transfer of property in goods. It does not include transfer of immovable property which is governed by the Transfer of Property Act, 1882. As per section 3 of the Sale of Goods Act, the principles of the Contract Act relating to formation of contract, performance of contract, law of damages etc are also applicable to contract of the sale of goods in so far as they are not inconsistent with the .express provisions of the Sale of Goods Act. The Sale of Goods Act, 1930, contains 66 sections in VII Chapters.
15.1 FORMA TION OF CONTRACT OF SALE.
Sec.4 (1) : Contract of sale; Sec 4(3): Agreement to sell and sale,
Sec 5 : Contract of sale how made.
Sec 6, 7, and 8: Goods - the subject -matter of contract of sale.
Sec 9, 10 : The price. Ascertainment of price.
15.1a What is a Contract of Sale?
Sec.4 (1) of the Sale of Goods Act defines a contract of sale of goods as -"a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price".
Essential characteristics of a contract of sale:
1. Two parties - there must be two parties a Buyer and a Seller. 2. Transfer of property - a transfer of property i.e. ownership, in goods from the seller to the buyer must take place 3. Goods- the subject matter of sale must be goods. 4. Price - transfer of property must take place for some money consideration called price. 5. It Includes both a ‘Sale’ and ‘An Agreement to Sell’. 6. It may be absolute or conditional. 7. It may
GOODS ACT, 1930
What you should know?
✓ 15.1 Formation of Contract of Sale ✓ 15.2 Conditions and Warranties – Doctrine of Caveat Emptor. ✓ 15.3 Transfer of Ownership from seller to buyer – Transfer by non-owners ✓ 15.4 Performance of the Contract – Rules regarding delivery. ✓ 15.5 Rights of Buyer ✓ 15.6 Rights of Unpaid Seller ✓ 15.7 Auction Sales
The Sale of Goods Act, 1930, governs transfer of property in goods. It does not include transfer of immovable property which is governed by the Transfer of Property Act, 1882. As per section 3 of the Sale of Goods Act, the principles of the Contract Act relating to formation of contract, performance of contract, law of damages etc are also applicable to contract of the sale of goods in so far as they are not inconsistent with the .express provisions of the Sale of Goods Act. The Sale of Goods Act, 1930, contains 66 sections in VII Chapters.
15.1 FORMA TION OF CONTRACT OF SALE.
Sec.4 (1) : Contract of sale; Sec 4(3): Agreement to sell and sale,
Sec 5 : Contract of sale how made.
Sec 6, 7, and 8: Goods - the subject -matter of contract of sale.
Sec 9, 10 : The price. Ascertainment of price.
15.1a What is a Contract of Sale?
Sec.4 (1) of the Sale of Goods Act defines a contract of sale of goods as -"a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price".
Essential characteristics of a contract of sale:
1. Two parties - there must be two parties a Buyer and a Seller. 2. Transfer of property - a transfer of property i.e. ownership, in goods from the seller to the buyer must take place 3. Goods- the subject matter of sale must be goods. 4. Price - transfer of property must take place for some money consideration called price. 5. It Includes both a ‘Sale’ and ‘An Agreement to Sell’. 6. It may be absolute or conditional. 7. It may