Questions and Answers
What type of conditions or warranties are specified by the parties at the time of making the contract?
What determines whether the time of payment is of essence in a sale contract?
Why does the law infer the intention of the parties in contracts with implied conditions or warranties?
What is the primary purpose of implied conditions and warranties in a contract of sale?
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What happens when there is no understanding between the parties regarding the time of payment?
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What type of warranties or conditions are applicable in contracts that do not have specific warranties or conditions?
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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.