Quiz Show-sale of Goods

7/31/2019 Quiz Show-sale of Goods

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Quiz Show

sale of goods actByT.Venkataramanan.FICWA.FCS

Presented on 15/02/2011


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Sale of goods is like any othercontract. therefore all the generalprovisions of the contract act is alsoapplicable.what are they? 1)Competency to contract,-2) OFFER ACCEPTANCE ETC.

THE SELLER & BUYER SHOULD BECOMPETENT TO CONTRACT.

CONSENSUS AD ITEM IS AN ESSENTIALCONDITION.IT IS A CONSESUAL

CONTRACT

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DEFINE A CONTRACT OF SALE.

SEC(4) OF THE SALE OF GOODS ACTDEFINES A SALE.

SALE OF GOODS IS A CONTRACT WHEREBY A SELLER TRANSFERS OR AGREES TOTRANFER THE PROPERTYINTHE GOODSTO THE BUYER FOR A PRICE.

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WHAT IS THE FIRST ESSENTIALCONDITION ?

TWO DISTINCT PARTIES A BUYER & SELLER


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STUDENTS OF A HOSTEL TAKE MEALS INTHE MESS RUN BY THEM ON COOP

LINES .IS THIS A SALE?

NO.WHERE IS THE SELLER?WHO IS THEBUYER?

THE STUDENTS ARE THE UNDIVIDEDJOINT OWNERS OF THE MEALS THEYSHARE.IT IS NOT A SALE.


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JOINT OWNER & PART OWNER WHAT ISTHE DISTINCTION ?

PART OWNER HAS A DIVISIBLE SHARE. A PART OWNER CAN SELL HIS SHARE TOANOTHER PARTOWNER WHERE AS AJOINT OWNER CANNOT SELL TOANOTHER JOINT OWNER .BECAUSE HEHAS EQUAL RIGHT OVER THE PROPERTY

WHICH IS NOT DIVISIBLE


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A PERSON CANNOT BUY HIS OWNGOODS DO U AGREE? IS THERE ANY

EXCEPTIONS?

YES .A PERSON CANNOT BUY HIS OWNGOODS.

HOWEVER IN MOORE VS SINGERMANUFACTURING COMPANY A PERSON ITWAS HELD THAT HE MAY BUY HIS OWNGOODS SOLD IN EXECUTION OF ADEGREE TO AVOID TRANFER OF

OWNERSHIP TO SOME ONE ELSE.


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PROPERTY IN THE GOODS IS GOODSDIFFERENT FROM PROPERTY ?

PROPERTY HERE MEANSOWNERSHIP/TITLE.

OWNERSHIP GIVES U A BUNCH OFRIGHTS.RIGHT TO POSSESS ENJOY ,HIRE ,MORTGAGE , SELL AND SO ON.


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WHAT IS GENERAL PROPERTY &SPECIAL PROPERTY IN THE GOODS?

GENERAL PROPERTY MEANSOWNERSHIP.SPECIAL PROPERTY ISLIMITED RIGHT,

PAWNOR HAS GENERAL PROPERTY .THEPAWNEE HAS A SPECIALPROPERTY,INTEREST INTHEGOODS TOTHE AMOUNT OF ADVANCE HE HASMADE.

A MECHANIC RIGHT IS LIMITED TO THEEXTENT OF HIS REPAIR CHARGES.


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A.

B.

C.

D.

E.

ONE OF THE FOLLOWING IS NOTGOODS UNDER THE SALE OF GOODS

ACT

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THINGS ATTACHED TO THE LAND AGREED TO be SEVERED CUT GRASS GROWING CROPS STOCK & SHARES ACTIONABLE CLAIMS & MONEY


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WHAT IS ACTIONABLE CLAIM? GIVEEXAMPLE.

ACTIONABLE CLAIM MEANS CLAIMSWHICH CAN BE ENFORCED BY LAW /SUIT

BOOK DEBTS.BOOK BEDTS CANNOT BESOLD IT CAN ONLY BE ASSIGNED.


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CAN MONEY BE CONSIDERED ASGOODS?

NO. BECAUSE IT IS MEDIUM OFEXCHANGE & MEASURE OF VALUE

HOW EVER VERY OLD COINS MAY BEBOUGHT AND SOLD AS CURIOS


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What is consideration in a contract ofsale?

Money consideration called price. Goods exchanged for goods is notcovered by sale of goods act. it isgoverned by transfer of properties act.


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DOES SALE OF IMMOVABLE PROPERTYCOME UNDER SALE OF GOODS ACT?

NO. IT FALLS UNDER THE TRANFER OFPROPERTY ACT OF 1882.


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Goods sold partly for cash & partly formoney will it come under the

purview?

yes Comes under the sale of goods act .ref:

(aldridge vs Johnson)


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Sale is an executed contract

Agreement to sell is an executory contract

Is a conditional sale.

Example : 1)on jan 2011 x agrees to sell y his scooter for25,000/= 2)b agrees to buy as car for Rs 100000/=provided cstands surety.

It becomes a sale when the time lapses or when the

condition is fulfilled

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Distinguish between sale &agreement to sell.


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Jus in rem: gives right to the buyer to enjoy the goods asagainst the whole world

Jus in personam : gives aright to the buyer or seller against

the other for any default. Sale gives ,jus in rem

Agreement to sell only , jus in personam

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Explain the concept of jus in rem& jus in personam


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1) property in the goods

2)risk of loss

3)consequences of breach

4)right of resale

5)insolvency of buyer

6) insolvency of seller

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State the 6 points of distinctionbetween sale and agreement to

sell


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Risk of loss in the case of sale is that of buyer

And in the case of agreement to sell with the seller

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risk


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In the case of sale, the can sue the buyer for price

And in the case of agreement to sell only damages.

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breach


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In the case of sale,no resale

And in the case of agreement to sell he can resell .

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Right of resale


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Insolvency of buyer before payment

In the case of sale the seller will get only a rateable dividend forthe price due

In the case of agreement to sell he may refuse to part with goodsw/o payment


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Insolvency of the seller afterpaymentbut before delivery of goods

In the case of sale the buyer can get the goods from the officialreceiver.

In the case of agreement to sell the buyer can claim only arateable dividend.


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Sale & hire purchase

Points of

distinction

Sale Hire purchase

Property inthe goods

Passesimmediately

Only when lastinstalment isreceived

Position Owner Bailee till lastinst.

Termination Bound to pay

the price

Return the

goods no liabfor future


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1)A car bearing a particular registration no. 2)milk thata cow may yield during the year 3)agrees to sell 25 bales

of egyptian cotton on arrival of the ship


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case laws

U be the judge

it th tit hi h d


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suit,the stitching charges are agreedat Rs 1000/= on the appointed date fordelivery of the suit A pays Rs1000/=asks for the suit.though the suitis ready the tailor refuses deliver thesuit till his previous due of Rs 500/ ispaid No. He cannot refuse .

A right of particular lien can be excisedonly in respect of which the charge isdue


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1000/=on the terms that he will pay Rs 500/immediately and the balance in 2instalments.It was further agreed in case of

complaint the customer should return theradio in a week but not later.the customer

defaults in final instalment.can the dealer

take back the radio? No. He cannot .

It is a credit sale not hire purchase.


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A ,dealer in diamond gives a diamond to x onsale or return basis for Rs 10,000/=.on thesame day x gives it to y on sale or return

basis.From him the they are lost.the dealerA claims payment from x. Is a correct?

Yes .A is correct

By tranfering the diamonds further xhas adopted the transaction.

Readers digest subscriber from delhi wrote to


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Readers digest subscriber from delhi wrote todigest mumbai to send certain books byparcel.accordingly they send the books.It neverreached the subscriber.can readers digest recoverthe cost from the subscriber?

Legally yes.

On unconditional delivery to the post

office buyer becomes theowner.thereafter he should bear theloss

B sold parley to x by sample delivery to be made


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B sold parley to x by sample.delivery to be madeat mumbai terminal.x received the parley and soldto y at the same terminal after inspecting thesample.y rejected the parley as not beingaccording to sample.then xrejected the goods andrefused to pay.willx succeed ? Legally no.

On receipt and inspection, by

resellingit to y, x has accepted thegoods ( constructively)therefore he willnotsucceed.


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At an auction sale A makes the highest bid of Rs600/=for a typewriter but withdrew the offer

before the fall of the hammer.but one of theconditions of the auction is that , bidding oncemade shall not be withdrawn..A was sued fore theprice.decide the case.

A has to pay.

Auctioneer has a right to make his ownterms & conditions

(the coffee board vs famous coffee &tea works AIR 1965.MAD.14)


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PART II.NEGOTIABLE INSTRUMENTS

A BILL IS DRAWN PAYABLE AT 403


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A BILL IS DRAWN PAYABLE AT 403,KRISHNA REGENCY,SECTOR-30,VASHI.NAVIMUMBAI.It did notmention the name. x resident of theabove flat accepted it. Is the billvalid?

Yes,x is liable.

The drawee may be named or

otherwise indicated in the bill withreasonable certainty.


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A DRAWs a bill on x a fictitious personand negotiates to Z.not finding x, Ztreats it as a promisory note.. Is theaction of Z valid?

Yes,It is valid.

The drawee may be named or

otherwise indicated in the bill withreasonable certainty.

I d t b ll d h ld i d


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A.

B.

C.

D.

E.

In order to be called a holder in duecourse he must possess the

following qualification

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Holder before maturity

Holder in good faith

For valuable consideration

Must be a holder

All the above

B buys goods for Rs 300/ on credit from A and gives a promissory


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A.

B.

C.

D.

E.

B buys goods for Rs 300/=on credit from A and gives a promissorynote affixing one rupee revenue stamp, but does not mention theamount.A fills Rs 450/=on maturity A claims the amount.howmuch he can claim? .(The promissory note does not provide forinterest)

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None of the above Any amount between 300 - 450 Any amount Rs 450/= Only 300


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TRUE or FALSE?TRUE or FALSE?

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A payment before maturity of theinstrument does not stop negotiability

of the instrument.

A bill i bl d i i l f M


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A bill is payable to m or orderit is stolen from Mand the thief X endorses it, forging ms signature toY who takes it as a holder in due course.can Y get

the money?

No.

A forged document is a nullity.


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In the previous case, the bill case been noted andprotested,and z accepts for the honour of the party

liable on the bill.then state the position

.

The acceptance is valid

Because Z is the acceptor for honour

d b ll f h h


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X draws a bill of exchange on y .z hisfriend accepts it . Is it a valid

acceptance?.

No.

A stranger to the bill cannot accept it.

A d h f R 5000/ i f f B 1


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A drew a cheque for Rs 5000/=in favour of B on 1-1-2010 and gave it to him the same day.Bpresented it for payment only on 5-6-2010.in the

mean time the bank has failed in may 2010.discussthe legal position of Bs recourse against A& thebank for recovering the amount. Because of the delay by B the drawer has suffered a loss to that

extent he is discharged of his liability.B how ever can claim as acreditor in the insolvency of the bank for the balance.


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SEC. 138 ; REEGULATORY, TO SERVE THE PUBLIC INTEREST INTHE RELIABILITY OF N.I.

SEC .291.Role of directors.The co. is a legal personality &

the BOD act as it,s body & mind. Sec . 141 of N.I.Act every director who is responsible for the

conduct of business is deemed to be guilty.

Sec 106. of the evidence act provides that where ,a fact isin the special knowledge of the person the burden ofproving it lies with him.

Based on the above discussion it was held that,themetropolitan magistrate could summon the directors.

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THE DECISION :


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ANY QUESTIONS ?


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TRUE or FALSE?TRUE or FALSE?

The Sun is a star.

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What is the name of our galaxy?

The Milky Way

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How many planets in the solar systemhave rings?

Four planets.

Jupiter, Saturn, Uranus, and Neptune allhave rings.

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A.

B.

C.

D.

E.

What is inertia?

All of the above The speed at which an object falls Measurement of electrical resistance A ratio between mass and velocity

Resistance to motion or change

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Match the device to what itmeasures:

Stop Watch Scale Thermometer Speedometer Odometer Distance Temperature Elapsed Time Weight Rate of Travel

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Quiz Show-sale of Goods

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