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Which of the following defines a contract of sale of goods according to Section 4(1) of the Sale of Goods Act, 1930?
Which of the following defines a contract of sale of goods according to Section 4(1) of the Sale of Goods Act, 1930?
- A contract whereby the seller agrees to transfer the property in goods to the buyer without specifying the price.
- A contract whereby the seller transfers the property in goods to the buyer for free.
- A contract whereby the buyer agrees to transfer the property in goods to the seller for a price.
- A contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price. (correct)
What happens if the contract of sale of goods is silent on certain terms and conditions of performance?
What happens if the contract of sale of goods is silent on certain terms and conditions of performance?
- The contract defaults to standard industry terms and conditions.
- Rules provided by the Sale of Goods Act apply to the relevant issue. (correct)
- The contract becomes void and unenforceable.
- The parties are free to interpret the terms as they wish.
What does the term 'contract' refer to in the context of a contract of sale of goods?
What does the term 'contract' refer to in the context of a contract of sale of goods?
- An agreement enforceable at law with all essential elements of a valid contract present. (correct)
- An informal agreement between the seller and the buyer.
- A verbal agreement without the need for written documentation.
- An understanding between the parties, even if essential elements of a valid contract are absent.
What is the essential element of a valid contract that must be present in a contract of sale of goods?
What is the essential element of a valid contract that must be present in a contract of sale of goods?
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In simple words, how is a contract of sale of goods defined?
In simple words, how is a contract of sale of goods defined?
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