Sale of Goods Act ( SOGA) Revision CA Foundation Law | Unit 3 | CA Indresh Gandhi
Ultimate CA・62 minutes read
The speaker covers various topics related to the transfer of property in a contract of sale, emphasizing rules and conditions for property transfer from seller to buyer. Specific goods must be in a deliverable state, and property transfer hinges on conditions like full payment and buyer acceptance.
Insights
- The rules for transferring property from seller to buyer in a contract of sale are detailed, emphasizing the importance of specific goods in a deliverable state and the seller's prompt action to ensure property transfer occurs without delay.
- The passing of property in a sale is contingent on conditions like full payment being met, with concepts like the Right of Disposal granting the buyer power over the goods upon securing the price, while emphasizing the need for certainty in goods description before property transfer can happen.
Get key ideas from YouTube videos. It’s free
Recent questions
What is the importance of daily revision at home?
For effective learning, daily revision at home is crucial.
How does property transfer occur in a contract of sale?
Property transfer in a contract of sale occurs when specific goods are in a deliverable state.
What is the significance of the Right of Disposal in a sale?
The Right of Disposal gives the buyer the power to destroy the goods.
What are the conditions for a valid sale by a Mercantile Agent?
A valid sale by a Mercantile Agent requires possession of goods, permission, and good faith from the buyer.
How does the buyer's acceptance of goods affect property transfer?
Property transfer occurs when the buyer accepts the goods by performing an action like wearing the purchased item.
Related videos
University of Virginia School of Law
Inside the Classroom: Contracts With Professor George Geis
PrepAgent
Real Estate Test Prep Webinar - Mortgage vs Trust Deed
CA Hardik Manchanda
CA Foundation Economics Marathon - Theory of Supply | CA Foundation Dec 2023 | CA Hardik Manchanda
PrepAgent
Free Premium Webinar: Real Estate Terms & Vocabulary
Travis Everette
Prelicensing Chapter 1 Basic Intro to Real Estate
Summary
00:00
"CA Foundation Revision: Special 26 Session Recap"
- The speaker welcomes everyone to a session on CA Foundation, CA Inter's Law, and CA Inter's Audit.
- The session is part of a series called Special 26, focusing on revising CA Foundation topics.
- Topics covered so far include Indian Contract Act, Companies Act, Partnership Act, LLP, and negotiable instruments.
- The speaker emphasizes the importance of daily revision at home for effective learning.
- The session includes solving questions from RTP and MTP to practice writing and answering.
- The discussion shifts to the transfer of ownership and delivery of goods in a contract of sale.
- The rules for transferring property from seller to buyer are detailed, emphasizing the intention of the parties.
- Specific goods in a deliverable state are highlighted as crucial for property transfer at the time of contract formation.
- The importance of putting specific goods in a deliverable state before property transfer is explained.
- The rules contained in Sections 20 to 24 determine the intentions of the parties regarding property transfer.
14:26
"Property transfer hinges on goods readiness"
- Property transfer will not occur until goods are ready and specific goods are put into a deliverable state.
- The seller must ensure that specific goods are in a deliverable state before property transfer can happen.
- The seller needs to take action promptly to ensure property transfer occurs without delay.
- Property transfer is contingent upon the seller receiving the price for the goods.
- The property will be transferred after the price is calculated and agreed upon.
- Sale on approval and return basis involves the buyer selecting goods for purchase after approval.
- If the buyer does not reject the goods within a specified time, property transfer occurs.
- Property transfer also happens if the buyer accepts the offer by performing an action like wearing the purchased item.
- Sale for cash means property transfer upon receiving payment, while return means the buyer can return the goods if payment is not made.
- Rules for the passing of property emphasize the need for certainty in goods description before property transfer can occur.
28:05
Property Transfer and Sale Rights Clarified
- Changing the network to address lag issues
- Discussing the Right of Disposal, where property passes to the buyer upon securing the price
- Explaining the concept of Right of Disposal, giving the buyer the power to destroy the goods
- Detailing the Off Sale of Specific Goods and Ware Goods contract terms, including the reservation of the right of disposal
- Clarifying that property transfer does not occur until conditions like full payment are met
- Explaining the circumstances under which the right of disposal may be reserved, such as goods being shipped or delivered
- Describing the risk involved in property transfer and the Latin Maxim "nemo dat quod non habet" meaning a non-owner cannot transfer ownership
- Outlining the conditions for a valid sale by a Mercantile Agent, including possession of goods, permission, and good faith on the buyer's part
- Discussing the sale by one of the joint owners, where the buyer obtains property if acting in good faith
- Explaining the concept of selling goods already sold but still in possession, allowing for a valid sale to a third person if delivery is obtained in good faith
- Detailing the effect of estoppel, where a transferee can obtain good title against the true owner if the true owner has actively held out another person as the owner
42:01
"Property Sale and Delivery Terms Explained"
- Shivam is the owner of a property, but he is not present to handle the property.
- Consent is given for Shivam to sell the property to Mansi.
- The price of the property is Rs. 0000.
- Ownership will be transferred to Mansi.
- TV is sent to a mob's house to pay commission for a flat.
- Ownership and possession of the TV will be transferred on the 20th.
- If Ayer acts in good faith, he will receive ownership.
- Buyer will obtain good title with the consent of the seller.
- Sale by an unpaid seller is valid for the buyer.
- Contract of sale can be voidable due to fraud or misrepresentation.
- Delivery of goods is the duty of the seller, and payment and delivery are concurrent conditions.
- Delivery should be made at the time and place agreed upon during the sale.
- Delivery should be made within a reasonable time.
- Delivery to a third party without acknowledgment to the buyer is not considered delivery.
- Part delivery is considered as full delivery unless there is an intention to separate.
- Expenses of delivery are the responsibility of the seller.
- Buyer can reject goods if they are less than contracted for.
- Buyer must pay the contracted price for the goods accepted.
- Buyer can accept goods that accord with the contract and reject the rest if descriptions are mixed.
- If goods cannot be separated, the buyer must reject the entire mixed batch.
55:31
Understanding Installment Delivery and Buyer Obligations
- Installments are discussed in terms of delivery, with the buyer not being obligated to accept goods in installments unless agreed upon.
- The concept of installment delivery is clarified, distinguishing it from a single delivery of goods.
- An example is provided where 1000 bottles are delivered in installments of 50 bottles each, with varying payment amounts.
- The risk of goods in transit is explained, with the responsibility shifting between the buyer and seller.
- The process of examining goods upon delivery is detailed, emphasizing the buyer's right to inspect and accept or reject the goods.
- Rules related to the acceptance of goods are outlined, focusing on the buyer's communication of acceptance to the seller.
- The liability of the buyer for refusing delivery of goods is discussed, highlighting the buyer's responsibility for any resulting loss.
