What is the primary purpose of the Sale of Goods Act, 1930, in India?

The Sale of Goods Act governs sales in India.

• Regulates movable property sales.

• Establishes legal rights for buyers.

• Replaces older contract laws.

Fill in the blank: The Sale of Goods Act applies only to ___ properties.

Movable

Explain the difference between specific goods and unascertained goods as defined in the Sale of Goods Act.

Specific goods are identified in contracts.

• Specific goods are identifiable items.

• Unascertained goods are not specifically defined.

• Contract terms differ for each type.

True or False: An agreement to sell involves an immediate transfer of ownership from the seller to the buyer.

False. An agreement to sell involves a future transfer of ownership, not an immediate one.

What defines a mercantile agent according to the Sale of Goods Act?

A mercantile agent is an agent authorized to sell, consign, or buy goods, or to raise money on the security of goods in the normal course of business.

Riddle: I can be existing or future but never a past. I change hands with a price and can be counted or measured. What am I?

Goods

What are contingent goods and how do they differ from future goods?

Contingent goods rely on uncertain events.

• Dependent on specific occurrences.

• Future goods are planned for later.

• Contingent goods are unpredictable.

Fill in the blank: The document that proves possession or control of goods is called a ___ of title.

Document

How does the Sale of Goods Act distinguish between a sale and a hire purchase?

Sale transfers ownership immediately.

• Ownership is instant in sale.

• Hire purchase delays ownership transfer.

• Installments needed for hire purchase.

Describe the concept of delivery as defined in the Sale of Goods Act.

Delivery is voluntary transfer of possession.

• Involves actual transfer of goods.

• Can be constructive or symbolic.

• Essential for completing sales.

True or False: The price of goods in a sale can only be expressed in monetary terms.

True. The price is a necessary element of a sale and must be expressed in money.

What happens to a contract if specific goods perish before the agreement is made?

Contract is voided if goods perish.

• Specific goods are essential.

• Perishing makes contract impossible.

• Seller unaware of damage.

What is meant by the term 'existing goods' in the context of the Sale of Goods Act?

Existing goods are those that are owned or possessed by the seller at the time of the contract of sale.

Riddle: I am the risk that follows the buyer when the payment is made, but can vanish if the goods are not what they should be. What am I?

Risk of loss

Explain the difference between a sale and an exchange of goods.

In a sale, ownership is transferred for a price, while an exchange involves the transfer of goods between parties without monetary consideration.