BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -(1) A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price. There may be a contract of sale between one part-owner and another.
Detailed explanation-2: -sale of goods involves transfer of ownership of property from the seller to the buyer.
Detailed explanation-3: -Rule: The ownership/property in goods is said to be transferred from the seller to the buyer once the goods are in deliverable state and the notice for the same is given by seller to the buyer. Till the time it’s in non-deliverable state, then the ownership lies with the seller only.
Detailed explanation-4: -4 (1) A contract of sale of goods is a contract whereby the seller transfers, or agrees to transfer, the property in goods to the buyer for a money consideration, called the “price", and there may be a contract of sale between one part owner and another. (2) A contract of sale may be absolute or conditional.
Detailed explanation-5: -We can say that a contract of sale is a broader term where two parties agree to exchange goods in return for a consideration. When the exchange takes place immediately, it is termed as sale. However, when it is supposed to take place in the future, it is known as an agreement to sell.