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Soga

In: Business and Management

Submitted By 1701rahul
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Chapter VII (Sections 76-123) dealt with the sale of goods, which was deleted and  The Sale of Goods Act was enacted in 1930  This Act regulates the contract of sale as well as agreement to sale  This act is applicable to the sale of moveable properties, while the Transfer of Properties Act deals with immovable properties.


Sec. 2(7): ‘Goods’ means every kind of moveable property other than actionable claim and money  It includes: stocks and shares; growing crops, grass and things attached to the earth, if agreed to be severed before sale  Sec. 2(4): ‘Document of title to goods’ means bill of lading, warehouse certificate, railway receipt, etc. a proof of possession of goods and the person can by endorsement or delivery of the same, authorize to receive the goods


Sec. 4(1): Contracts of sale: The seller transfers the property in goods for a price  Agreement to sale: The seller agrees to transfer after a lapse of time or happening of a certain contingency or fulfillment of certain condition by the buyer  The contract of sale is an executed contract, while the agreement to sale is an executory one.  Sec.6: Existing as well as future goods can be subject matter of such contracts/agreements


Sec. 5 : Law of contract has an application  Contracts can be formed by offer and acceptance either by the buyer or the seller and accepted by the other  It can either be oral or in writing or partially both or  Can be implied from the conduct of the parties


Impossibility of performance Sec. 7 & 8


If the commodity perished or so damaged that it does not confirm to the description without the knowledge of the seller and prior to the contract of sale, such contract is void [Barrow v. Phillips & Co. (1929) 700 bags of nuts were identified for delivery but 109 bags were stolen by the time contract was entered in to]

If so happens after the...

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