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Showing posts with the label Business law

What is the concept of Free Consent ?

 Explain the concept of Free Consent? Meaning-  When both parties to a contract enter into the contract through mutual agreement or their own free will, this is referred to as free consent. Free consent is one of the necessary elements of a valid contract; without it, no contract is valid or legally enforceable. Example-  On Monday, A offers his car to C for Rs. 2,000,000 at a specific location. C agreed with him on the same point. This is a contract because it includes free consent. Free consent is not influenced by any person or parties involved in the contract, and it should be free of- 1.      Coercion Coercion is the act of convincing someone to enter into a contract. Coercion occurs when threats are used to gain the consent of the other party. It is not freely given consent. It may involve causing physical and psychological harm to the individual in order to compel him to enter into an agreement. Example- A went out for a walk, B, a stranger approach...

Who is an unpaid seller? What are the remedies of the unpaid seller?

  Who is an unpaid seller? What are the remedies of the unpaid seller? Meaning - U/S 45, a seller is said to be unpaid when: (i)                   When the seller does not receive whole or part of the price; or (ii)                 Where the seller had a negotiable instrument, such as a bill of exchange, that was dishonoured. Example- A seller draws a bill of exchange on the buyer for the price of goods. It was duly accepted by the buyer. However, on the maturity date, the buyer refused to pay. According to the seller, he is an unpaid seller. Remedies of unpaid seller- In addition to cancelling the contract for non-payment of price, an unpaid seller has a number of other options. Some of them are as follows: (i)                    Righ...

Explain in detail, the rules as to delivery of goods.

  Explain in detail, the rules as to delivery of goods.   Meaning-  The voluntary transfer of possession from one person to another is referred to as delivery of goods. A delivery process is the goal or end result of any such procedure that results in the items being delivered to the buyer. The products may be delivered even if they are transferred to someone other than the buyer who is authorized to hold the items on the buyer's behalf. Definition- On Delivery of goods by the seller (Section 31): “ Delivery of goods means voluntary transfer of possession of goods from one person to another. ”-U/S 2(2) of Sale of Goods Act,1930. Rules Regarding Delivery of goods-   1.   Delivery of goods as agreed upon-            The seller and buyer agree on when the goods must be delivered, how payment will  be made, and when payment will be made. The goods must be delivered in accordance with the terms of the contract, as agreed ...

Define the term Delivery. Also Explain the modes of Delivery of Goods.

  Define the term Delivery. Also explain the modes of Delivery of Goods. Meaning-   The voluntary transfer of possession from one person to another is referred to as delivery of goods. A delivery process is the goal or end result of any such procedure that results in the items being delivered to the buyer. The products may be delivered even if they are transferred to someone other than the buyer who is authorized to hold the items on the buyer's behalf. Definition- On Delivery of goods by the seller (Section 31): “ Delivery of goods means voluntary transfer of possession of goods from one person to another. ”-U/S 2(2) of Sale of Goods Act,1930. Modes of delivery of goods-       1.     Actual Delivery- By giving in possession, the seller physically hands over the agreed items to the buyer. In other words, where the goods are actually given by one person to another it is called actual delivery of goods. For example- A, the seller, hands ov...