Quiz Show

sale of goods act By T.Venkataramanan. FICWA.FCS

Presented on 15/02/2011
5/22/12

Sale of goods is like any other contract. therefore all the general provisions of the contract act is also applicable.what are they? 1)Competency to contract,-2) OFFER ACCEPTANCE ETC.

THE SELLER & BUYER SHOULD BE COMPETENT TO CONTRACT. CONSENSUS AD ITEM IS AN ESSENTIAL CONDITION.IT IS A CONSESUAL CONTRACT

5/22/12

22

DEFINE A CONTRACT OF SALE.

SALE OF GOODS IS A CONTRACT WHERE SEC(4) OF THE SALE OF GOODS ACT BY A SELLER TRANSFERS OR AGREES TO DEFINES A SALE. TRANFER THE PROPERTYINTHE GOODS TO THE BUYER FOR A PRICE.

5/22/12

33

WHAT IS THE FIRST ESSENTIAL CONDITION ?

A BUYER & SELLER TWO DISTINCT PARTIES

5/22/12

44

STUDENTS OF A HOSTEL TAKE MEALS IN THE MESS RUN BY THEM ON COOP LINES .IS THIS A SALE?

THE STUDENTS ARE THE UNDIVIDED NO.WHERE IS THE SELLER?WHO IS THE JOINT OWNERS OF THE MEALS THEY BUYER? SHARE.IT IS NOT A SALE.

5/22/12

55

JOINT OWNER & PART OWNER WHAT IS THE DISTINCTION ?

A PART OWNER CAN SELL HIS SHARE. PART OWNER HAS A DIVISIBLESHARE TO ANOTHER PARTOWNER WHERE AS A JOINT OWNER CANNOT SELL TO ANOTHER JOINT OWNER .BECAUSE HE HAS EQUAL RIGHT OVER THE PROPERTY WHICH IS NOT DIVISIBLE

5/22/12

66

A PERSON CANNOT BUY HIS OWN GOODS DO U AGREE? IS THERE ANY EXCEPTIONS?

HOWEVER IN MOORE VS SINGER YES .A PERSON CANNOT BUY HIS OWN MANUFACTURING COMPANY A PERSON IT GOODS. WAS HELD THAT HE MAY BUY HIS OWN GOODS SOLD IN EXECUTION OF A DEGREE TO AVOID TRANFER OF OWNERSHIP TO SOME ONE ELSE.

5/22/12

77

PROPERTY IN THE GOODS IS GOODS DIFFERENT FROM PROPERTY ?

OWNERSHIP GIVES U A BUNCH OF PROPERTY HERE MEANS RIGHTS.RIGHT TO POSSESS ENJOY , OWNERSHIP/TITLE. HIRE ,MORTGAGE , SELL AND SO ON.

5/22/12

88

WHAT IS GENERAL PROPERTY & SPECIAL PROPERTY IN THE GOODS?

PAWNOR PROPERTY MEANS GENERALHAS GENERAL PROPERTY .THE PAWNEE HAS A SPECIAL OWNERSHIP.SPECIAL PROPERTY IS PROPERTY,INTEREST INTHEGOODS TO LIMITED RIGHT, THE AMOUNT OF ADVANCE HE HASMADE. A MECHANIC RIGHT IS LIMITED TO THE EXTENT OF HIS REPAIR CHARGES.

5/22/12

99

ONE OF THE FOLLOWING IS NOT GOODS UNDER THE SALE OF GOODS ACT
A. B. C. D. E.

STOCK ATTACHED GROWING CROPS CUT GRASS CLAIMS THE LAND THINGS& SHARES TO & MONEY AGREED TO be SEVERED ACTIONABLE

5/22/12

10 10

WHAT IS ACTIONABLE CLAIM? GIVE EXAMPLE.

BOOK DEBTS.BOOK MEANS CLAIMS ACTIONABLE CLAIM BEDTS CANNOT BE SOLD IT CAN ONLY BE ASSIGNED. WHICH CAN BE ENFORCED BY LAW /SUIT

5/22/12

11 11

CAN MONEY BE CONSIDERED AS GOODS?

HOW EVER VERY OLD COINS MAY NO. BECAUSE IT IS MEDIUM OF BE BOUGHT AND SOLD AS OF VALUE EXCHANGE & MEASURECURIOS

5/22/12

12 12

What is consideration in a contract of sale?

Goods consideration goods is not Money exchanged for called price. covered by sale of goods act. it is governed by transfer of properties act.

5/22/12

13 13

DOES SALE OF IMMOVABLE PROPERTY COME UNDER SALE OF GOODS ACT?

NO. IT FALLS UNDER THE TRANFER OF PROPERTY ACT OF 1882.

5/22/12

14 14

Goods sold partly for cash & partly for money will it come under the purview?

Comes under the sale of goods act .ref: yes (aldridge vs Johnson)

5/22/12

15 15

Distinguish between sale & agreement to sell.

Sale is an executed contract Agreement to sell is an executory contract Is a conditional sale. Example : 1)on jan 2011 x agrees to sell y his scooter for 25,000/= 2)b agrees to buy as car for Rs 100000/= provided cstands surety. It becomes a sale when the time lapses or when the condition is fulfilled

5/22/12

16 16

Explain the concept of jus in rem & jus in personam

Jus in rem: gives right to the buyer to enjoy the goods as against the whole world Jus in personam : gives aright to the buyer or seller against the other for any default. Sale gives ,jus in rem Agreement to sell only , jus in personam

5/22/12

17 17

State the 6 points of distinction between sale and agreement to sell

1) property in the goods 2)risk of loss 3)consequences of breach 4)right of resale 5)insolvency of buyer 6) insolvency of seller

5/22/12

18 18

risk

Risk of loss in the case of sale is that of buyer And in the case of agreement to sell with the seller

5/22/12

19 19

breach

In the case of sale, the can sue the buyer for price And in the case of agreement to sell only damages.

5/22/12

20 20

Right of resale

In the case of sale,no resale And in the case of agreement to sell he can resell .

5/22/12

21 21

Insolvency of buyer before payment

In the case of sale the seller will get only a rateable dividend for the price due In the case of agreement to sell he may refuse to part with goods w/o payment

5/22/12

22 22

Insolvency of the seller after paymentbut before delivery of goods

In the case of sale the buyer can get the goods from the official receiver. In the case of agreement to sell the buyer can claim only a rateable dividend.

5/22/12

23 23

Sale

& hire purchase

Position Termination

Owner

Bailee till last inst. Bound to pay Return the the price goods no liab for future

5/22/12

24 24

Click to edit Master subtitle style

1)A car bearing a particular registration no. 2)milk that a cow may yield during the year 3)agrees to sell 25 bales 5/22/12 of egyptian cotton on arrival of the ship

U be the judge

Click to edit Master subtitle style

case laws

5/22/12

suit,the stitching charges are agreed at Rs 1000/= on the appointed date for delivery of the suit A pays Rs 1000/=asks for the suit.though the suit is ready the tailor refuses deliver the suit till his previous due of Rs 500/ is No. paidHe cannot refuse .

A right of particular lien can be excised only in respect of which the charge is due

5/22/12

27 27

A murphy dealer sells a radio to x for Rs 1000/=on the terms that he will pay Rs 500/ immediately and the balance in 2 instalments.It was further agreed in case of complaint the customer should return the radio in a week but not later.the customer defaults in final instalment.can the dealer

takeHe cannot the radio? back . No.

It is a credit sale not hire purchase.

5/22/12

28 28

A ,dealer in diamond gives a diamond to x on sale or return basis for Rs 10,000/=.on the same day x gives it to y on sale or return basis.From him the they are lost.the dealer

A claims payment from x. Is a correct?

Yes .A is correct

By tranfering the diamonds further x has adopted the transaction.

5/22/12

29 29

Readers digest subscriber from delhi wrote to digest mumbai to send certain books by parcel.accordingly they send the books.It never reached the subscriber.can readers digest recover the cost from the subscriber?

Legally yes.

On unconditional delivery to the post office buyer becomes the owner.thereafter he should bear the loss
5/22/12 30 30

B sold parley to x by sample.delivery to be made at mumbai terminal.x received the parley and sold to y at the same terminal after inspecting the sample.y rejected the parley as not being according to sample.then xrejected the goods and refused to pay.willx succeed ?

Legally no.

On receipt and inspection, by resellingit to y, x has accepted the goods ( constructively)therefore he will notsucceed.
5/22/12 31 31

At an auction sale A makes the highest bid of Rs 600/=for a typewriter but withdrew the offer before the fall of the hammer.but one of the conditions of the auction is that , bidding once made shall not be withdrawn..A was sued fore the price.decide the case.

A has to pay.

Auctioneer has a right to make his own terms & conditions (the coffee board vs famous coffee & tea works AIR 1965.MAD.14)
5/22/12 32 32

PART II.NEGOTIABLE INSTRUMENTS

5/22/12

33 33

A BILL IS DRAWN PAYABLE AT 403, KRISHNA REGENCY,SECTOR -30,VASHI.NAVIMUMBAI.It did not mention the name. x resident of the above flat accepted it. Is the bill valid? liable. Yes,x is

The drawee may be named or otherwise indicated in the bill with reasonable certainty.

5/22/12

34 34

A DRAWs a bill on x a fictitious person and negotiates to Z.not finding x, Z treats it as a promisory note.. Is the action of Z valid?

Yes,It is valid.

The drawee may be named or otherwise indicated in the bill with reasonable certainty.

5/22/12

35 35

In order to be called a holder in due course he must possess the following qualification
A. B. C. D. E.

Must be a holder For valuable consideration Holder in good faith Holder before maturity All the above

5/22/12

36 36

B buys goods for Rs 300/=on credit from A and gives a promissory note affixing one rupee revenue stamp, but does not mention the amount.A fills Rs 450/=on maturity A claims the amount.how much he can claim? .(The promissory note does not provide for interest) A. B. C. D. E.

Only of Rs 450/= Any amount between 300 - 450 None 300the above

5/22/12

37 37

A payment before maturity of the instrument does not stop negotiability of the instrument.

TRUE or FALSE?

5/22/12

38 38

A bill is payable to m or orderit is stolen from M and the thief X endorses it, forging ms signature to Y who takes it as a holder in due course.can Y get the money?

A forged document is a nullity. No.

5/22/12

39 39

In the previous case, the bill case been noted and protested,and z accepts for the honour of the party liable on the bill.then state the position.

Because Z is the acceptor The acceptance is valid for honour

5/22/12

40 40

X draws a bill of exchange on y .z his friend accepts it . Is it a valid acceptance?.

A stranger to the bill cannot accept it. No.

5/22/12

41 41

A drew a cheque for Rs 5000/=in favour of B on 11-2010 and gave it to him the same day.B presented it for payment only on 5-6-2010.in the mean time the bank has failed in may 2010.discuss the legal position of Bs recourse against A& the bank for recovering the amount.

Because of the delay by B the drawer has suffered a loss to that extent he is discharged of his liability.B how ever can claim as a creditor in the insolvency of the bank for the balance.

5/22/12

42 42

LW 139-11-2010. RAJ TRAVELS VS DESTINATION OF THE WORLD(subcontinent)

A BUNCH OF PETTITIONS HAVE BEEN FILED BY THE PETTITIONERS .THEY HAVE BEEN SUMMONED BY THE LEARNED METRPOLITAN MAGISTRATE, ON A COMPLAINT U/S 138 OF THE N.I..Act . BECAUSE OF DISHONOUR OF CHEQUES.The pettitioners , in pettitions at hand had submitted that pettitioners were Directors of raj travels &tours.and no specific averment were made by the complainant,regarding how they were responsible for dishonour of cheques.the only averment made by the complainant is that that the directors are responsible for day today conduct of business . It was submitted that this was not sufficient to summon the directors. Decide the case.( u/s, 138,139,141,145,(2), of N.I. ACT READ WITH 251 OF CrPC &291 OF COMP.ACT)
5/22/12

43 43

THE DECISION :

SEC. 138 ; REEGULATORY, TO SERVE THE PUBLIC INTEREST IN THE RELIABILITY OF N.I. SEC .291.Role of directors.The co. is a legal personality & the BOD act as it,s body & mind. Sec . 141 of N.I.Act every director who is responsible for the conduct of business is deemed to be guilty. Sec 106. of the evidence act provides that where ,a fact is in the special knowledge of the person the burden of proving it lies with him. Based on the above discussion it was held that,the metropolitan magistrate could summon the directors.
5/22/12

44 44

ANY QUESTIONS ?

5/22/12

45 45

5/22/12

46 46

How to Use the Quiz Show Template

Choose a Question & Answer layout from the New Slide gallery Follow the placeholder prompts and fill in your actual questions and answers View the presentation in slide show to see the animations that reveal the answers Suggested Uses:

Reinforcing teaching through audience participation Introduction to subject matter Recreational gatherings
5/22/12

47 47

Sample Question and Answer

5/22/12

48 48

The Sun is a star.

TRUE or FALSE?

5/22/12

49 49

What is the name of our galaxy?

The Milky Way

5/22/12

50 50

How many planets in the solar system have rings?

Jupiter, planets. Uranus, and Neptune all Four Saturn, have rings.

5/22/12

51 51

What is inertia?
A. B. C. D. E.

A ratio between Measurement of electrical resistance The speed at which an object falls All of the above mass and velocity

Resistance to motion or change

5/22/12

52 52

Match the device to what it measures:

Rate Weight Elapsed Temperature DistanceTime Odometer Speedometer Thermometer Scaleof Travel Stop Watch
5/22/12 53 53