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Questions and Answers
What is the nature of contract in a sale?
What is the nature of contract in a sale?
In a sale, who bears the burden of risk in case of destruction of goods?
In a sale, who bears the burden of risk in case of destruction of goods?
What type of contract is an agreement to sell?
What type of contract is an agreement to sell?
What are the remedies for breach in an agreement to sell?
What are the remedies for breach in an agreement to sell?
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Can the seller resell the goods in a sale?
Can the seller resell the goods in a sale?
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Study Notes
Nature of Contract in a Sale
- A sale constitutes a legal agreement where ownership of goods is transferred from the seller to the buyer for a price.
- It involves essential elements including offer, acceptance, consideration, and capacity of parties.
Burden of Risk in Case of Destruction of Goods
- The burden of risk typically rests with the seller until ownership is transferred to the buyer.
- If goods are destroyed before the transfer of ownership, the seller usually bears the loss.
Type of Contract for Agreement to Sell
- An agreement to sell is classified as a conditional contract, meaning ownership is not transferred immediately.
- It represents a promise to sell at a future date, subject to certain conditions being met.
Remedies for Breach in an Agreement to Sell
- Remedies available for breach include damages, specific performance, and termination of the agreement.
- The injured party may seek compensation for losses incurred due to the breach.
Seller's Right to Resell Goods in a Sale
- Once a sale is completed, the seller generally loses the right to resell the goods.
- If the sale has not occurred (as in an agreement to sell), the seller may retain the right to resell if certain conditions allow for it.
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Description
Test your knowledge of the Sales of Goods Act and its essential elements with this quiz capsule designed for CA Foundation exam preparation. The quiz covers topics such as contract of sale, transfer of property, and modes of contract.
