Professional Documents
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Group-2: - 1-Ashish Verma - 2-Arun Kumar Singh - 3-Daya Shankar Pandey - 4-Vineet Kumar Sonkar - 5-Vishal Pathak
Group-2: - 1-Ashish Verma - 2-Arun Kumar Singh - 3-Daya Shankar Pandey - 4-Vineet Kumar Sonkar - 5-Vishal Pathak
1-ASHISH VERMA 2-ARUN KUMAR SINGH 3-DAYA SHANKAR PANDEY 4-VINEET KUMAR SONKAR 5-VISHAL PATHAK
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A PRESENTATION ON
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Goods Kinds Of Goods Contract Of Sale Sale Of Goods Shall Apply To Sale Of Goods Shall Not Apply To Importance of the Contract of sale of good
Condition Or Warranties Difference Between Condition and Warranties Types Of Condition And Warranties Implied Conditions Implied Warranties Transfer of Property Transfer of Title Rules as to delivery of goods Unpaid Seller Features of the Unpaid Seller Rights of an Unpaid Seller Buyers right against seller GROUP-2
DEFINATION
Goods means every kind of movable property other than actionable claims and money; and includes stock and shares, growing crops, grass and things attached and forming part of lands which are agreed to be served before sale or under the contract of sale. Section 2(7).
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Kinds Of Goods:
Existing
goods- Section 6(1) These are the goods which are in existence and are physically present in the sellers possession. Specific goods- Section 2(14) These are the goods identified and agreed upon at the time the contract is made. Ascertained goods- These are identified after the formation of the contract. Unascertained goods- These are the goods which are not specifically identified or agreed upon at the time of the contract of sale. Future goods Section 2(6) Goods which are to be manufactured or produced or acquired by the seller after making contract of sale. GROUP-2 5 Contingent goods- Section 6(2).
Contract only if the ownership of goods is transferred from one person to another immediately at the time of formation of contract or subsequent to formation of contract;
Bailment of goods; Pledge of goods ; Any contract relating to immovable property Contract of work and skill
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Importance of the Contract of sale of good: A contract of sale of goods is essential for the smooth operations and exchange of goods in the economy. It is always preferred to have written contract as it serves as proof in legal proceedings. A written and attested contract ensures quality of the subject matter. The Seller, thus is duty-bound to warrant that the goods are merchantable, conforms to Industry Standards and specifications. It prevents fraud and deception on behalf of the subject-matter of price by either of the parties. It assigns specific responsibilities upon the buyer and seller which they are bound to perform. The Buyer has a responsibility to reasonably examine goods prior to acceptance and to notify the seller of any defect of the GROUP-2 goods hence it make a buyer more aware of what s/he 8 is buying, thus preventing flaw.
1) Express which are expressly provided in the contract. 2) Implied- which the law implies into the contract unless the parties stipulate to the contrary.
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Warranty
1.
A condition is essential to the main purpose of the contract. The aggrieved party can repudiate the contract or claim damages or both in case of breach of condition. A breach of condition may be treated as breach of warranty.
It is only collateral to main purpose of contract. The aggrieved party can claim only the damages in case of breach of warranty. A breach of warranty cannot be treated as breach of condition.
2. 2.
3.
3.
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Implied Conditions
1.
2.
3. 4. 5. 6.
Condition as to title [sec.14(a)] - seller has the right to sell. Sale by description (sec.15)- goods shall correspond with the
description.
Condition as to quality or fitness [sec16(1)] Condition as to merchantability [sec.16(2)] Condition implied by custom- fitness for a particular
purpose may be annexed by the usage of trade [sec.16(3)]
7.
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Implied Warranties
1. Warranty of quiet possession [sec.14(b)]. 2. Warranty of freedom from encumbrances [sec.14(c)]. 3. Warranty as to quality or fitness by usage of trade
[sec16(4)].
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Transfer of Property
Goods
must be ascertained Specific goods in a deliverable state Specific goods to be put in a deliverable state Specific goods in a deliverable state when the seller has to do anything thereto in order to ascertain price Sale of unascertained goods and appropriation Goods sent on approval or on sale or return Reservation of right of disposal Risk prima facie passes with the property
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has not got Sale by person not the owner effect of estoppel Sale by mercantile agent Sale by one of joint owners Sale by person in possession under voidable contract Seller in possession after sale Buyer in possession after sale Sale by an unpaid seller
TRANSEFER OF TITLE The general rule no one can give that which one
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Unpaid Seller
The seller of goods is deemed to be unpaid (Sec. 45-1) I. When whole of the price has not been paid of tendered. II. When the bill of exchange or negotiable instrument has been received as a condition of payment and the condition on which it was received has not been fulfilled by the reason on dishonor of the instrument or otherwise.
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The unpaid seller can not stop goods in transit in following cases:
I. When the goods reaches the destination. II. While the buyer or his agent takes possession of delivery even if it is not reached destination. III. In case the carrier is agent of the buyer, the transit comes to an end the instance carrier receives the goods and seller can not stop the transition IV. Carriers wrongful refusal to deliver goods to the buyer. Example: A sells TV set to B. A delivers the TV to the carrier to carry it to B. Later on gets news that B has become insolvent; A can stop delivery.
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