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Questions and Answers
What is the role of the surety in a guarantee contract?
What is the role of the surety in a guarantee contract?
Which of the following describes a pledge?
Which of the following describes a pledge?
What is a fundamental precondition of a contract known as?
What is a fundamental precondition of a contract known as?
Which of these describes the term 'indemnity'?
Which of these describes the term 'indemnity'?
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In a contract of sale of goods, which is NOT an essential element?
In a contract of sale of goods, which is NOT an essential element?
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How does ownership transfer in an agreement to sell?
How does ownership transfer in an agreement to sell?
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What does 'performance of the contract of sale' entail?
What does 'performance of the contract of sale' entail?
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What is the main difference between goods in a deliverable state and goods not in a deliverable state?
What is the main difference between goods in a deliverable state and goods not in a deliverable state?
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Study Notes
Special Contract
- Indemnity: A contract where one party agrees to compensate another for potential losses or damages.
- Guarantee: A three-party agreement where a guarantor (surety) promises to pay a debt if the main debtor fails to do so. The parties are the principal debtor, creditor, and surety.
- Bailment: The temporary transfer of goods from one person (bailor) to another (bailee) for a specific purpose. The bailee is obligated to return the goods or dispose of them as directed.
- Pledge: A contract where an item is given as security for a loan. The parties are the pledgor (borrower) and pledgee (lender).
- Contract of Sale of Goods: A contract where the seller agrees to transfer ownership of goods to the buyer in exchange for payment. This requires two parties, a subject matter (the goods), transfer of ownership, and payment in legal currency.
Contractual Features
- Conditions: Fundamental terms that must be met for a contract to be valid. Failure to fulfill a condition may void the contract.
- Warranties: Promises made by the seller about the quality or performance of a product. They offer protection to the buyer in case of defects.
Transfer of Ownership
- Sale: Ownership of the goods transfers immediately to the buyer upon completion of the contract.
- Agreement to Sell: Ownership transfers at a later date as specified in the agreement.
- Stages of Ownership Transfer for Specific Types of Goods: These depend on whether the goods are in a deliverable state, require further work to become deliverable, or have an uncertain price.
Performance of the Contract of Sale
- Delivery of Goods: The seller delivers the goods to the buyer, who accepts and receives them.
- Payment: The buyer pays the agreed-upon price for the goods.
- Flexibility: Performance can be absolute (immediate) or conditional (subject to specific requirements).
- Scope: Applies to both sales contracts and agreements to sell.
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Description
This quiz covers essential types of special contracts including indemnity, guarantee, bailment, pledge, and contract of sale of goods. Each type explains the roles and obligations of the parties involved. Test your knowledge of contractual features and their importance in legal agreements.
