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Questions and Answers
What is the nature of indemnity in contractual agreements?
What is the nature of indemnity in contractual agreements?
Which of the following best describes a pledge?
Which of the following best describes a pledge?
What is required for a contract of sale of goods to be valid?
What is required for a contract of sale of goods to be valid?
What defines a condition in a contract?
What defines a condition in a contract?
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What is the difference between a sale and an agreement to sell?
What is the difference between a sale and an agreement to sell?
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What are warranties in a sales contract?
What are warranties in a sales contract?
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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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How does transfer of ownership occur in a sale?
How does transfer of ownership occur in a sale?
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Study Notes
Special Contract
- Indemnity: A contractual agreement where one party agrees to compensate another party for damages or losses.
- Guarantee: An agreement involving three parties: principal debtor, creditor, and surety. The surety promises to pay the debt if the principal debtor defaults.
- Bailment: The delivery of goods by one person (bailor) to another (bailee) for a specific purpose. Upon completion, the goods are returned or disposed of according to the bailor's instructions.
- Pledge: A contract where someone (pledgor) provides an asset as security for a loan. The lender (pledgee) holds the asset until the debt is repaid.
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Contract of Sale of Goods: An agreement where a seller transfers or agrees to transfer ownership of goods to a buyer for a price.
- The buyer and seller are the two parties involved.
- The goods are the subject of the contract.
- The goods must be transferred from seller to buyer.
- Payment is made in the legal currency of the country.
- Condition: A fundamental requirement in a contract. It must be fulfilled before other actions in the contract can take place.
- Warranty: A seller's written promise to repair or replace a product if it has defects. Warranties are additional commitments to a sale and are promises made by the seller.
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Transfer of Ownership:
- In a sale, ownership transfers to the buyer immediately.
- In an agreement to sell, ownership transfers to the buyer at a future date.
- The transfer of ownership depends on things like:
- Are the goods in a deliverable state?
- Are the goods not in a deliverable state?
- Has the price been determined?
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Performance of the Contract of Sale: It refers to the process of delivery and acceptance of goods by the buyer, and the payment by the buyer.
- The seller must be prepared to deliver the goods to the buyer in exchange for payment.
- The buyer must be ready to pay the price in exchange for receiving the goods.
- Performance can be absolute or conditional.
- This applies to both sales and agreements to sell.
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Description
Explore the key concepts of special contracts including indemnity, guarantee, bailment, pledge, and contracts of sale of goods. This quiz will test your understanding of how these contractual agreements function and their components. Perfect for students of contract law or legal studies.
