Ans: Business Law can be defined as that branch of legal system that regulates business activities and guarantees an orderly conduct of business affairs and settlement of legitimate disputes in a just manner.
LAW OF SALE OF GOODS
1. Define the Sale of Goods Act ?
The Sale of Goods Act is an Act to define and amend the law relating to the sale of goods. It also governs the contracts relating to sale of goods. This Act applies to the whole of India except the State of Jammu & Kashmir. It came into force on 1st July 1930.
The contracts for sale of goods are subject to the general principles of the law relating to contracts i.e. the Indian Contact Act. A contract for sale of goods has, however, certain specific features such as, transfer of ownership of the goods, delivery of goods rights and duties of the buyer and seller, remedies for breach of contract, conditions and warranties implied under a contract for sale of goods.
2. Define a) Buyer; b) Seller; c) Delivery; d) Deliverable State; e) Bill of lading; f) Fault; g) Insolvent; h) Property; i.) Quality of goods;
a)Buyer: means a person who buys or agrees to buy goods.
b)Seller: means a person who sells or agrees to sell goods.
c)Delivery: means a voluntary transfer of possession from one person to another.
d)Deliverable State: Goods are said to be in deliverable state when the buyer would under contract be bound to take delivery of them.
e)Bill of lading: is a receipt of goods shipped on board of a ship, signed by the person who contracts to carry them and states the terms on which the goods are delivered to and received by the ship.
f)Fault: is a wrongful act or default.
g)Insolvent: A person is said to be insolvent if he has ceased to pay his debts in the ordinary course of business or can not pay his debts as they become due.
h)Property: means general property in goods and not merely a special property. For example: A owns goods and pledges them to B. A has a general property in the goods, whereas B has a special property (or interest) in them.
i)Quality of goods: includes the condition or state of the goods.
1. Define goods?
Ans: According to section 2(7) of the Sale of Goods Act, 1930, Goods means every kind of movable property, other than actionable claims and money; and includes stocks, shares, growing crops, grass, and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale.
Thus we can define goods as every kind of movable property except actionable claims and money.
2. Mention any four items not included in the term-goods as defined by the Act.
Ans: a) Actionable claims
c) Sale of immovable property. [Sale of immovable property is governed by Transfer of Property Act]
e) Stocks, shares and securities.
3. What is meant by the term-price?
Ans: Price means the money consideration for a sale of goods. If goods are given without any consideration, the transaction amounts to a gift but not a sale of goods. Similarly, exchange of goods for others without any consideration amounts to a barter or exchange. Thus money is the only consideration for sale of goods.
4. What is Document of title to goods?
Ans: This includes a bill of lading, dock warrant, ware-house keepers certificate, wharfingers certificate, railway receipt, warrant or order for delivery of goods and any other document used in the ordinary course of business as proof of the possession or control of goods thereby represented.
5. Define a) Specific Goods, b) Future goods and c) Generic Goods
Ans: a) Specific Goods: means goods identified and agreed upon at the time of a contract of sale is made. They are also called existing goods or ascertained goods.
b) Future goods: means goods to be manufactured or produced or acquired by the seller after...