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 Sales of goods act
 Sales of goods act
 Sales of goods act
 Sales of goods act
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 Sales of goods act
 Sales of goods act
 Sales of goods act
ESSENTIALS OF A VALID SALES CONTRACT
 Two parties:
 There must be two distinct parties i.e. a buyer and a
seller.
 Goods:
 Goods which form the subject matter of the contract of
sale must be movable.
 Price:
 The consideration of the contract of sale, called price,
must be money.
 Hence in nutshell a contract is made by an offer to buy or
sell goods for a price and the acceptance of such offer.
basis sale Agreement to
sell
1. payment Immediate
payment is not
necessary and can
be done at a
future date.
Ownership is to
be given at a
future date.
2 contract Its an executed
contract
Its an executory
contract
3.Right on goods Jus-in-rem Jus-in-personam
4.risk There is a risk
because the goods
passes to the
buyer without
payment
There is no risk.
CONDITION
 It is a stipulation essential to the main purpose of the
contract, the breach of which gives the aggrieved party a
right to repudiate the contract itself. In addition, he may
maintain an action for damages for loss suffered, if any,
on the footing that the whole contract is broken and the
seller is guilty of non-delivery.
 EXAMPLE-P , goes to R , a horse dealer, and says, I want
a horse which can run at a speed of 30km.perhour . The
horse dealer points out a particular horse and says , this
will suit you. P buys the horse . Later on P finds that the
horse can run only at a speed of 20km./hr . There is a
breach of condition,P can repudiate the contract , return
the horse to R and get back the price.
WARRANTY
 A warranty is a stipulation collateral to the purpose of the
contract, the breach of which gives the aggrieved party a right
to sue for damages only ,and not to avoid the contract
 EXAMPLE-
 Assume that a farmer ,intending to plant no-till soybeans
,approaches a seller to buy her biocide . Assume further that
the buyer requests a particular herbicide mix but the seller
suggests a less expensive mix . If the chemicals fail to kill
crabgrass and the farmer has a low yield of soybeans , the
farmer could sue the seller for breach of the warranty of
fitness for a particular purpose because the seller knew what
the farmer required
The rights and
duties of Buyer
and Seller
 Sales of goods act
 Sales of goods act
Rights and duties of seller
 Sales of goods act
Unpaid Seller
 Unpaid Seller
 Seller to whom the full price of the goods
sold has not been paid.
 As per section 45 of Sale of Goods Act
 When the whole of the price has not been paid
 When a bill of exchange or other negotiable
instrument has been received as conditional
payment and the condition on which it was received
has not been fulfilled by reason of dishonour of the
instruments or otherwise
Rights of Unpaid Seller
 Rights Against Goods
 Where the ownership of goods is transferred to
buyer
 (2) Rights Against Buyer
 Where the ownership of goods is not transferred to
buyer.
Rights Against Goods
 Right of Lien
 Right to retain possession of goods until payment of
price
 It can be exercised when
 Goods have been sold without any stipulation as to credit
 Goods sold on credit but the term of credit has expired
 Buyer becomes insolvent
Continued
2. Right of stoppage in transit
Right of stopping the goods in transit after the unpaid seller
has parted with the goods.
Exercised when:
 when buyer becomes insolvent
 Goods are in transit
Only for the payment of price of the goods
Continued
3.Right of Re-sale
The unpaid seller can re-sale the goods when
 The goods are of perishable nature
 Seller gives notice to the buyer of
his intention to re-sale the goods
 Seller has reserved his rights of
resale
Rights Against Buyer
1. Suit for price
 The buyer fails to pay the price of goods
 The seller can file a suit against the buyer for recovery
of the price.
2.Suit for Damages for Non-Acceptance
 The seller is ready to deliver the goods to the buyer
 But the buyer wrongfully neglects or refuses to accept
the goods and pay for them.
Continued
3. Repudiation of contract before due date
 When the buyer puts an end to the contract before due
date of delivery of goods, the seller may either
 Treat the contract as subsisting and wait
till the date of delivery of goods
 Treat the contract as repudiated and
bring the legal action against the buyer for
the recovery of the damages.
Continued
4. Suit for Interest
 Specific agreement between buyer and seller
 Regarding interest on the price of goods from the date on
which payment becomes due
 The seller can recover interest from the buyer
Caveat emptor means ‘LET THE BUYER BEWARE’
EXCEPTIONS TO THE DOCTRINE OF CAVEAT EMPTOR
 In case of misrepresentation by seller.
 In case of concealment of latent defect.
 In case of sale by description.
 In case of sale by sample.
 In case of sale by description
and sample.
 Fitness for a particular purpose
EXAMPLES
 Ex. Pigs were sold subject to all faults and these pigs
being infected caused typhoid to other healthy pigs of
the buyer, it was held that the seller was not bound to
disclose that the pigs were unhealthy. The rule of the
law being caveat emptor.
Campus Overview
907/A Uvarshad,
Gandhinagar
Highway,
Ahmedabad –
382422.
Ahmedabad Kolkata
Infinity Benchmark,
10th Floor, Plot G1,
Block EP & GP,
Sector V, Salt-Lake,
Kolkata – 700091.
Mumbai
Goldline Business Centre
Linkway Estate,
Next to Chincholi Fire
Brigade, Malad (West),
Mumbai – 400 064.
 Sales of goods act

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Sales of goods act

  • 12. ESSENTIALS OF A VALID SALES CONTRACT  Two parties:  There must be two distinct parties i.e. a buyer and a seller.  Goods:  Goods which form the subject matter of the contract of sale must be movable.  Price:  The consideration of the contract of sale, called price, must be money.  Hence in nutshell a contract is made by an offer to buy or sell goods for a price and the acceptance of such offer.
  • 13. basis sale Agreement to sell 1. payment Immediate payment is not necessary and can be done at a future date. Ownership is to be given at a future date. 2 contract Its an executed contract Its an executory contract 3.Right on goods Jus-in-rem Jus-in-personam 4.risk There is a risk because the goods passes to the buyer without payment There is no risk.
  • 14. CONDITION  It is a stipulation essential to the main purpose of the contract, the breach of which gives the aggrieved party a right to repudiate the contract itself. In addition, he may maintain an action for damages for loss suffered, if any, on the footing that the whole contract is broken and the seller is guilty of non-delivery.  EXAMPLE-P , goes to R , a horse dealer, and says, I want a horse which can run at a speed of 30km.perhour . The horse dealer points out a particular horse and says , this will suit you. P buys the horse . Later on P finds that the horse can run only at a speed of 20km./hr . There is a breach of condition,P can repudiate the contract , return the horse to R and get back the price.
  • 15. WARRANTY  A warranty is a stipulation collateral to the purpose of the contract, the breach of which gives the aggrieved party a right to sue for damages only ,and not to avoid the contract  EXAMPLE-  Assume that a farmer ,intending to plant no-till soybeans ,approaches a seller to buy her biocide . Assume further that the buyer requests a particular herbicide mix but the seller suggests a less expensive mix . If the chemicals fail to kill crabgrass and the farmer has a low yield of soybeans , the farmer could sue the seller for breach of the warranty of fitness for a particular purpose because the seller knew what the farmer required
  • 16. The rights and duties of Buyer and Seller
  • 19. Rights and duties of seller
  • 21. Unpaid Seller  Unpaid Seller  Seller to whom the full price of the goods sold has not been paid.  As per section 45 of Sale of Goods Act  When the whole of the price has not been paid  When a bill of exchange or other negotiable instrument has been received as conditional payment and the condition on which it was received has not been fulfilled by reason of dishonour of the instruments or otherwise
  • 22. Rights of Unpaid Seller  Rights Against Goods  Where the ownership of goods is transferred to buyer  (2) Rights Against Buyer  Where the ownership of goods is not transferred to buyer.
  • 23. Rights Against Goods  Right of Lien  Right to retain possession of goods until payment of price  It can be exercised when  Goods have been sold without any stipulation as to credit  Goods sold on credit but the term of credit has expired  Buyer becomes insolvent
  • 24. Continued 2. Right of stoppage in transit Right of stopping the goods in transit after the unpaid seller has parted with the goods. Exercised when:  when buyer becomes insolvent  Goods are in transit Only for the payment of price of the goods
  • 25. Continued 3.Right of Re-sale The unpaid seller can re-sale the goods when  The goods are of perishable nature  Seller gives notice to the buyer of his intention to re-sale the goods  Seller has reserved his rights of resale
  • 26. Rights Against Buyer 1. Suit for price  The buyer fails to pay the price of goods  The seller can file a suit against the buyer for recovery of the price. 2.Suit for Damages for Non-Acceptance  The seller is ready to deliver the goods to the buyer  But the buyer wrongfully neglects or refuses to accept the goods and pay for them.
  • 27. Continued 3. Repudiation of contract before due date  When the buyer puts an end to the contract before due date of delivery of goods, the seller may either  Treat the contract as subsisting and wait till the date of delivery of goods  Treat the contract as repudiated and bring the legal action against the buyer for the recovery of the damages.
  • 28. Continued 4. Suit for Interest  Specific agreement between buyer and seller  Regarding interest on the price of goods from the date on which payment becomes due  The seller can recover interest from the buyer
  • 29. Caveat emptor means ‘LET THE BUYER BEWARE’ EXCEPTIONS TO THE DOCTRINE OF CAVEAT EMPTOR  In case of misrepresentation by seller.  In case of concealment of latent defect.  In case of sale by description.  In case of sale by sample.  In case of sale by description and sample.  Fitness for a particular purpose
  • 30. EXAMPLES  Ex. Pigs were sold subject to all faults and these pigs being infected caused typhoid to other healthy pigs of the buyer, it was held that the seller was not bound to disclose that the pigs were unhealthy. The rule of the law being caveat emptor.
  • 31. Campus Overview 907/A Uvarshad, Gandhinagar Highway, Ahmedabad – 382422. Ahmedabad Kolkata Infinity Benchmark, 10th Floor, Plot G1, Block EP & GP, Sector V, Salt-Lake, Kolkata – 700091. Mumbai Goldline Business Centre Linkway Estate, Next to Chincholi Fire Brigade, Malad (West), Mumbai – 400 064.