Sale of Goods Act Quiz
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Sale of Goods Act Quiz

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Questions and Answers

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?

  • 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?

  • 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?

    <p>Consideration</p> Signup and view all the answers

    In simple words, how is a contract of sale of goods defined?

    <p>A contract whereby a seller transfers the ownership in goods to buyer or agrees to transfer it to the buyer for a price.</p> Signup and view all the answers

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