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Sale of Goods Act: Time and Payment

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Questions and Answers

What type of conditions or warranties are specified by the parties at the time of making the contract?

Implied conditions or warranties

Customary conditions or warranties

Statutory conditions or warranties

Express conditions or warranties (correct)

What determines whether the time of payment is of essence in a sale contract?

The Sale of Goods Act

The understanding between the parties

The type of goods being sold

The condition laid down in the contract (correct)

Why does the law infer the intention of the parties in contracts with implied conditions or warranties?

To protect the interests of the buyer

To make the contract more binding

Because there is no contract to the contrary (correct)

To provide clarity to the contract

What is the primary purpose of implied conditions and warranties in a contract of sale?

To infer the intention of the parties Signup and view all the answers

What happens when there is no understanding between the parties regarding the time of payment?

The time of payment is deemed not to be of essence Signup and view all the answers

What type of warranties or conditions are applicable in contracts that do not have specific warranties or conditions?

Implied conditions or warranties Signup and view all the answers

Study Notes

Stipulation as to Time and Payment

Time of payment is not deemed to be the core issue or essence of a sale contract, unless there is an understanding between the parties to the contrary (Section 11 of the Sale of Goods Act).
Whether or not the time of payment is of essence depends upon the condition laid down in the contract.

Implied Conditions and Warranties

Conditions or warranties of a contract of sale can be express or implied.
Express conditions or warranties are specified by the parties at the time of making the contract.
Implied conditions and warranties are applicable in contracts without specific warranties or conditions.
The purpose of implied conditions and warranties is to infer the intention of the parties when making the contract.
In the absence of a contract to the contrary, implied warranties and conditions are deemed to be a part of the contract.

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Description

This quiz covers the stipulations of the Sale of Goods Act, specifically Section 11, regarding time of payment and essence of a sale contract.