What do you mean by sale of goods Act?
What is the Background History of Sale of Goods Act?
What is the Object of Sale of Goods Act ?
What are the elements of the Sale of Goods Act 1930?
What are the amendments of Sale of Goods Act?
What are the key features of Sale of Goods Act?
The Sale of Goods Act, whether in India or in other jurisdictions, encompasses several key features that collectively govern the sale of goods. These features are designed to establish a fair and standardized framework for commercial transactions involving the exchange of goods between buyers and sellers. Here are the key features of the Sale of Goods Act:
- Formation of Contract: The Act outlines the requirements for forming a valid contract of sale. It establishes the essential elements of an offer, acceptance, consideration (price), and an intention to transfer ownership of the goods.
- Definition of Goods: The Act defines what constitutes “goods.” It typically refers to tangible movable property, excluding money and actionable claims.
- Transfer of Ownership: The Act provides rules for the transfer of ownership and title from the seller to the buyer. It addresses the passing of property and risk, determining when ownership transfers and who bears the risk of loss or damage to the goods.
- Implied Conditions and Warranties: The Act implies certain conditions and warranties into contracts of sale. Conditions are essential terms that must be fulfilled for the contract to be valid, while warranties are less critical terms. These implied terms ensure that the goods are of satisfactory quality, fit for their intended purpose, and correspond to their description or sample.
- Passing of Risk: The Act establishes when the risk of loss or damage to the goods shifts from the seller to the buyer. This is important in determining who is responsible if the goods are damaged or lost during transportation.
- Rights and Obligations of Parties: The Act outlines the rights and obligations of both buyers and sellers. It specifies the responsibilities of each party in terms of delivery, payment, inspection, and acceptance of goods.
- Performance of Contract: The Act addresses the performance of the contract, including the obligations of the seller to deliver goods and the obligations of the buyer to pay the price.
- Remedies for Breach: In case of a breach of contract, the Act provides remedies for both buyers and sellers. These remedies include damages, specific performance, rejection of goods, and the right to withhold payment.
- Unpaid Seller’s Rights: The Act outlines the rights of an unpaid seller, including the right to retain possession of the goods, stop the goods in transit, and resell the goods under certain conditions.
- Exclusion Clauses: The Act addresses the validity and enforceability of exclusion clauses, which are contractual provisions that limit or exclude liability for certain types of breaches or losses.
So these are the some important features of the sale of goods Act where through time it should be changed its object like International treaties and development of service sectors in India.