...The main objective of this rule (sales goods act, 1957) Not everyone who agrees to buy or sell goods is fortunate enough to find that the transaction turns out to be good. Those who are dissapointed by the transaction may seek the help of law. This law is known as Sales of goods Act. Sale of Goods is one of very old mercantile law. The objective of learning this topic is to cover up the main types of contracts commonly entered into by everybody. We as a consumer should know the important of learning basic principles relating in the Sale of Goods Act in Malaysia because only law can make us satisfied on sale or buy goods. The Sale of Goods legislation is aimed to offer protection to the consumer and the main purpose of a contract involving goods is the transfer of ownership. Sale of Goods Act 1957 were applied in Malaysia except in the states of Penang, Malacca, Sabah and Sarawak. Section 1 of the Sale of Goods Act 1957 provides that the Act shall have effect within the Malay States only. The position in Penang, Malacca, Sabah and Sarawak is governed by the English Sale of Goods Act 1983 . The Sale of Goods Act is complimentary to Contract Act. Basic provisions of Contract Act apply to contract of Sale of Goods also. Basic requirements of contract i.e. offer and acceptance, legally enforceable agreement, mutual consent, parties competent to contract, free consent, lawful object, consideration etc. apply to contract of Sale of Goods also. TermPaperWarehouse.com - Free Term...
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...National Law School of India University Law of Contracts II Transfer of rights under the Sale of Goods Act Submitted by: Shivendu Pandey Id No.- 1928 Date of Submission: 13th April, 2011. Table of Contents Introduction 3 Transfer of rights under the Sale of Goods Acts 4 What is a Sale? 4 Essentials of a contract of sale 4 Definition of property 4 Transfer of property as between seller and buyer 5 Passing of Property or Transfer of Ownership 5 Property cannot pass until the goods are ascertainable 6 Distinction between transfer of property and delivery of goods 7 Property passes when intended to pass 8 Ascertained goods 10 Passing of property in specific goods 10 Ownership in unascertained goods 11 Transfer of Title by Person not the Owner 12 Doctrine of Nemo dot quod non habet 12 Exception to the General Rule 12 Conclusion 14 Introduction Mercantile laws are laws that govern trade and commerce. These laws essentially deal with the rights and obligations of the parties to a mercantile agreement. In India, there are various mercantile laws like the Contracts Act, the Partnership Act dealing with particular mercantile relations. The Sale of Goods Act is one such act which deals with the contract of sale. Originally, the law relating to sale of goods or movables was contained in chapter VII of the Indian Contract Act, 1872. The Indian Contracts Act embodied the simple and elementary rules relating to the sale of goods. It was...
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...report. In addition, we gladly acknowledge the valuable cooperation and assistance we have received from the employees of high court. It will be really injustice if we do not thank them because without their cooperation we could not do anything. Table of content Part -1 • IMMOVABLE PROPERTY ONLY • SALE • MORTGAGE • LEASE • EXCHANGE • GIFTS • ACTIONABLE CLAIM Part – 2 • Definition of Mortgage • References to mortgagors and mortgagees to include persons deriving title from them. • Rights and Liabilities of Mortgagor Right of mortgagor to redeem. • Obligation to transfer to third party instead of re-transference to mortgagor. • Right to inspection and production of documents. • Right to redeem separately or simultaneously. • Accession to mortgaged property • Right of usufructuary mortgagor to recover possession. • Accession acquired in virtue of transferred ownership. • Improvements to mortgaged property. • Renewal of mortgaged lease. • Implied contracts by mortgagor. • Conclusion: Transfer Of Property (Executive Summary) The most usual way of acquiring an interest in property is as the...
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...Doctrine of Lis Pendens INTRODUCTION The broad principle underlying S. 52 of the Transfer of Property Act is to maintain the status quo unaffected by the act of any party to the litigation pending its determination-even after the dismissal of a suit, a purchaser is subject to lis pendens, if an appeal is afterwards filed-if after the dismissal of a suit and before an appeal is presented, the ‘lis’ continues so as to prevent the defendant from transferring the property to the prejudice of the plaintiff-no reason to hold that between the date of dismissal of the suit plainly be impossible that any action or suit could be brought to a successful termination if alienations pendent lite were permitted to prevail-The doctrine of lis-pendens is founded in public policy and equity and if it has to be read meaningfully such a sale until the period of limitation for second appeal is over will have to be held as covered under S. 52 of the TP Act. The principle of the maxim pendente lite nihil innovetur is incorporated in this section. The section provides that during the pendency of any suit in which right to immovable property is in question, neither party to the litigation can transfer or otherwise deal with such property so as to affect the rights of the opponent. The Explanation makes it clear that lis shall be deemed to commence from the date of the presentation of the plaint and to continue until the suit or proceeding has been disposed of by a final decree or order, and complete...
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...of Buying and Selling of Immovable property CONTENTS Overview…………………………………………………………….4 Introduction………………………………………………………...4 Immovable Property………………………………………………..7 Various Laws Related To Immovable Property……………………8 Acquisition and Transfer Of Immovable Property In India……….12 Transfer Property Act – 1882……………………………………...15 Transfer Property Act – 1882(Amendment- 2002)………………..16 Buying and Selling procedure……………………………………..23 Sale and Purchase • Tips For Selling Property…………………………………...26 • Tips While Buying Property………………………………..27 Legal Documents…………………………………………………...30 India's Land Disputes • Whistling Woods International……………………….36 • Case against builder Hiranandani…………………………….37 • POSCO Case………………………………………………….39 Case Study: Singur Tata Land Controversy………………………....42 Recent News…………………………………………………………47 Bibliography…………………………………………………………50 Overview This project talks about the Legal and Regulatory Aspects of Buying and Selling of Immovable property. Immovable Property can be described as land, benefits arising out of land and things attached to the earth, or permanently fastened to anything attached to the earth. There are a number of acts which adhere to the issues relating to immovable property, but the main acts is Transfer Property Act – 1882.The act states the legal aspects related to...
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...Sale of Goods National Law School of India University Law of Contracts II Transfer of rights under the Sale of Goods Act Submitted by: Shivendu Pandey Id No.- 1928 Date of Submission: 13th April, 2011. Table of Contents Introduction 3 Transfer of rights under the Sale of Goods Acts 4 What is a Sale? 4 Essentials of a contract of sale 4 Definition of property 4 Transfer of property as between seller and buyer 5 Passing of Property or Transfer of Ownership 5 Property cannot pass until the goods are ascertainable 6 Distinction between transfer of property and delivery of goods 7 Property passes when intended to pass 8 Ascertained goods 10 Passing of property in specific goods 10 Ownership in unascertained goods 11 Transfer of Title by Person not the Owner 12 Doctrine of Nemo dot quod non habet 12 Exception to the General Rule 12 Conclusion 14 Introduction Mercantile laws are laws that govern trade and commerce. These laws essentially deal with the rights and obligations of the parties to a mercantile agreement. In India, there are various mercantile laws like the Contracts Act, the Partnership Act dealing with particular mercantile relations. The Sale of Goods Act is one such act which deals with the contract of sale. Originally, the law relating to sale of goods or movables was contained in chapter VII of the Indian Contract Act, 1872. The Indian Contracts Act embodied the simple and elementary rules relating to the sale of goods. It was felt...
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...NRI’s Guide to Investment in Immovable Property and Tax Planning Rajkumar S. Adukia B.Com (Hons.), LL.B, ICWAI, FCA radukia@vsnl.com/rajkumarfca@gmail.com 093230 61049/ 093221 39642 Preface The last few years have seen tremendous growth in the real estate sector of India. Adding impetus to the growth is the liberal policy adopted by the Government of India towards foreign investment in this sector. It appears as if this is the right time for the NRIs to invest in immovable property in India. A time to make their money work at home, while they work abroad. With this book, I have made an attempt to provide answers to the problems commonly faced by a NRI who has already invested or is desirous of investing in immovable property in India. This guide is a simple primer on NRI investments in immovable property, repatriation of proceeds and tax incidences on remittances. This guide provides a detailed outlook on some standard issues in NRI investment in immovable property, repatriation and tax planning, providing non-residents guidance to investing in immovable property in the country. With a view to cover the issues of acquiring immovable property in India as well as outside India, I have divided the guide into two parts. Part A deals with acquisition of immovable property in India and Part B talks about acquisition of immovable property outside India. Part A consists of 27 chapters dealing with a host of topics right from the definition of NRI/PIO to differences between...
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...TABLE OF CASES A. Kraishnan Iyer v. Lakshmi Amma AIR 1950 Tr & Coch 73 Amrithammal v. Ponnusani (1907) 17 Mad LJ 368 Amtul Nissa v. Mir Nuruddin (1898) 22 Bom 489 Ansar Ali v. Grey (1905) 2 Cal LJ 403 Ashkar Singh & anor v. Rawal Singh & anor AIR 1992 P & H 148, 150 Atmaram Sakharam v. Vaman Janardhan (1925) 49 Bom 388 Aziz-un-nissa v. Suraj Husain (1934) All LJ 814 Baijnath Singh v. Mussammat Biraj (1923) 2 Pat 52 Balmakund v. Bhagwan Das (1894) 16 All 185 Bhagatrai v. Ghanshyamdas AIR 1948 Nag 326 Brindabini Behari v. Oudh Behari AIR 1947 All 179 Cf Re Glubb, Bamfield v. Rogers (1900) 1 Ch 354 Chennupati Venkatasubbamma v. Nelluri Narayanaswami AIR 1954 Mad 215 Cochrane v. Moore (1890) 25 QBD 57 Collector of Salem v. Rangappa (1889) 12 Mad 404 Deo Narain v. Board of Revenue (1964) 1 All 375 Deo Narain v. Kukar Bind (1902) 24 All 319 (FB) Deo Saran v. Deokhi Bharti AIR 1924 Pat 657 Dikshit v. Radha Krishna AIR 1948 Oudh 226 Ellis v. Ellis (1909) 26 TLR 166 Ganeshdas Bhiwraj v. Suryabhan (1917) 13 Nag LR 18 Gangadhar Iyer v. KB Iyer AIR 1952 Tr & Coch 47 Gangadhar Iyer v. KB Iyer AIR 1952 Tr & Coch 47 Gara Surppadu & ors. V. Pandranki Rami Naidu & ors. AIR 1984 AP 386, 390 Ghumna v. Ramchandra (1925) 47 All 619 Girjaprasad v. Purshottam (1926) 28 Bom LR 421 Hall v. Hall (1873) 8 Ch App 430 Jagdeo Sharma v. Nandan Mahto AIR 1982 Pat 32 James v. Couchman (1885) 29 Ch D 212 Kalyanasndram v. Karuppa (1927) 50 Mad 193 Kalyanasundram Pillai v. Karuppa...
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...1. For Sale of Goods Act, 1957 to apply, it must be a goods. Under Section 2 Sale of Goods Act, 1957, goods is defined as every kind of movable property other than auctionable claims and money, and includes stock and 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. Land is excluded from Sale of Goods Act, 1957. For Sale of Goods Act, 1957 to apply, it must be a contract of sale for a price. Contract of Sale is defined in Section 4(1) Sale of goods Act, 1957 as a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price. (a) When Ahmad agrees to exchange his pen for Thomas’s watch, is there a goods? Here, Section 2 Sale of Goods Act, 1957 is satisfied because both pen and watch are movable properties. Is there any price? Here, there is no price because it is a barter agreement. Therefore, Section 4(1) Sale of goods Act, 1957 is not satisfied. Hence, Sale of Goods Act, 1957 cannot apply in this transaction. (b) When Jenny agrees to sell her house to George for Rm200000, is there a goods? Here, Section 2 Sale of Goods Act, 1957 is not satisfied because house is not a movable property. Therefore, Sale of Goods Act, 1957 cannot apply in this transaction. (c) When Frank agrees to buy shares in ABC Sdn Bhd from Sam for RM10000, is there a goods...
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...FDI ……………………………………………………………………. 5.1 5.2 5.3 5.4 5.5 FDI Projects Current Scenario FDI Guidelines For Application In Sector Sector Where FDI is not allowed FDI V/s FII 6. NRI Investment In Indian Real Estate …………………………... 6.1 6.2 6.3 Acquisition /Transfer of Immovable Property by POI Repatriation of Sale Proceed by NRI/POI Investment by Foreign Companies 12-15 7. 8. Real Estate Investment Trust (REIT) & Major Foreign Investors In Real Estate Sector ……………………………………………….. Model Real Estate Law …………………………………………….. 8.1 8.2 8.3 8.4 8.5 8.6 8.7 Establishment of Real Estate Regulatory Authority Registration of Property Promoters Powers of Regulatory Authority12 Establishment of Appellant Tribunal Offences And Penalties Analysis of the Act 15-17 18-19 9. Legislative Issues …………………………………………………… 9.1 9.2 Various Laws In Real Estate Transaction Five Group of Laws in real Estate Business 9.2.a 9.2.b 9.2.c Land Related Laws Applicable To Delhi Environment Laws Construction Laws 20-23 1 MAHESHWARI & CO. Advocates & Legal Consultants 9.2.d 9.2.e 10. Registration Laws Labour Laws 23-31 Comprehensive View of Major Indian Laws …………………… 10.1 Transfer of Property Act (TPA), 1952 Five Modes of Property Transfer 10.1.a 10.1.b 10.1.c 10.1.d 10.1.e...
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...SALES OF GOODS ACT-1930 INTRODUCTION The law relating to sales of goods act is come into existences in 1930. Before the present act the law of sales of goods act contained in Indian contracts act. All the essential elements of the valid contract are applicable to sale of goods also viz offer and acceptance, free consent, capacity of the patties, consideration etc. but there are some special feature are there in sales of goods. Like ➢ conditions and warranties. ➢ when the ownership of the goods sold pass to the buyer. ➢ in what circumstance a buyer acquires a good title over the goods. ➢ the duties and rights of the seller and buyer What is a Contract of Sale Secction – 4 defines A contract of Sale of Goods is a contract where by the seller transfers or agrees to transfer the property in goods to a buyer for a price. The term contract of sale consists of 1) Sale or absolute sale 2) Agreement to sale or conditional sale 1.Sale or Absolute Sale. Sec-4 (3): Where the property in the goods is immediately transferred from the seller to the buyer, and nothing is left on the part of the seller to transfer any thing, it is called Sale or Absolute Sale. 2. Agreement to Sale or Conditional Sale. Sec-4 (4): Where the transfer of property in the goods shall take place in future or on the fulfillment of certain conditions, it shall be an agreement to sale or conditional sale. The ownership shall not be transferred until and unless the condition...
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...the Transfer of Movables’ Foreword The purpose of this small compendium is to provide a basic understanding of some special features of Scandinavian1 private Law, in particular in the field of the transfer of movable property. It serves as a preparation to the lesson and should, therefore, preferably, be read beforehand. Since some of the Scandinavian features are completely unknown (and perhaps also considered strange) for an European lawyer, the aim is to discuss these chosen topics in a very simple manner. Suggested (introductory) literature for additional reading (if someone wants to learn more about it): Two articles from the volume Faber/Lurger, (eds.), Rules on the Transfer of Movables – A Candidate for European Harmonisation or National Reforms? (Sellier European Law Publishers 2008): • Martinson, C.: How Swedish Lawyers Think about “ownership” and “Transfer of Ownership” – Are we just peculiar or actually ahead? (pp 69-95) • Faber, W.: Skepticism about the Functional Approach from a Unitary Perspective (pp 97-122) The following article discusses the Scandinavian functional approach in contrast to a “unitary” approach, more from a philosophical angle. I can highly recommend reading it! 1 “Scandinavia” includes Finland, in this compendium. Martin Lilja, 2009 • Ross, A., Tû-Tû, Harvard Law Review, Vol. 70, No 5 (1957), pp 812-825 These reports are set to be published in the beginning of January: • Lilja, M., National Reports on the Transfer of Movables...
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...Foreign Exchange Management Act The Foreign Exchange Regulation Act of 1973 (FERA) in India was repealed on 1 June, 2000. It wasreplaced by the Foreign Exchange Management Act (FEMA), which was passed in the winter sessionof Parliament in 1999. Enacted in 1973, in the backdrop of acute shortage of Foreign Exchange in thecountry, FERA had a controversial 27 year stint during which many bosses of the Indian Corporate worldfound themselves at the mercy of the Enforcement Directorate (E.D.). Any offense under FERA was acriminal offense liable to imprisonment, whereas FEMA seeks to make offenses relating to foreignexchange civil offenses.FEMA, which has replaced FERA, had become the need of the hour since FERA had becomeincompatible with the pro-liberalisation policies of the Government of India. FEMA has brought a newmanagement regime of Foreign Exchange consistent with the emerging frame work of the World Trade Organisation(WTO). It is another matter that enactment of FEMA also brought with itPrevention of Money Laundering Act, 2002 which came into effect recently from 1 July, 2005 and the heat of which isyet to be felt as “Enforcement Directorate” would be invesitigating the cases under PMLA too.Unlike other laws where everything is permitted unless specifically prohibited, under FERA nothing was permitted unless specifically permitted . Hence the tenor and tone of the Act was very drastic. It providedfor imprisonment of even a very minor offence. Under FERA, a person was...
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...promise Administrator: a person who carry out a person property who left no will. Mortgage: Transfer or pledge or real estate as security for the payment of a debt. Motrgagee: Lender in a mortgage loan transaction Mortgagor: Borrower who transfer their property as security for a loan; the holder of a mortgage. Will: Document directing the disposal of ones property after death. Witness: To write ones name to a deed, last will or other documents for the purpose of declaring its authenticity and proving its execution. Binder: Agreement secured by a deposit in which someone offers to buy real estate. Vested: Person who has a right to use portion of a fund. Ex: retirement fund. Verify: To confirm Venue: A court with jurisdiction; or location where a notarial act takes place Note rate: Interest rate on a promissory note Guarantor: Person who makes a promise to be responsible for the debt of another if they fail to pay their on time. Contingency: Condition that must be met before a contract is legally binded. Quiet title: declares a person is the legal owner of a real property dispute. Quit claim: Grantor disclaims any interest in real estate property. Quash: To make void or vacate. Committing forgery is guilty of a Class D Felony. Warranty deed: Used in most mortgage contracts. Notary’s surety bond: filed to protect the state. Wild: Improperly recorded deed Encumbrance: Anything that affects title to property such as a mortgage, lease etc… Knowingly issue a false...
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...the creation of a trust, i.e. the formalities that are required. In the case of Serena, she has created a trust that holds the property in trust for Alice for life and then the remainder goes to Alice’s children. On the death of Serena, there is a valid will where Alice gets all of the property and there is no interest for Alice’s children. Therefore, the following advice is going to identify a trust is in place, which will ensure that the property transfers to the children. The Creation of a trust The case of Milroy v Lord identifies a perfect trust, which includes; 1) a deed of the trust; and 2) transfer of the property following all formalities . Therefore, in the case of the trust created by Serena, both the property “Hillside” and the Jane Austin books have the capability of being part of a perfect trust. However, in the case of the land there are additional formalities, which will be discussed later. At this point there is a perfect trust that related to the books, because this is a case of a perfect trust, because there is both declaration and transfer of the books to the trustees . The share certificate and cheque are not in the deed documents, but have been transferred to the trustee with the declaration “to be added to the trust”. This is not a full deed, but applying the case of Milroy v Lord it is a declaration plus transfer of the property, which means that it has a capability of being a trust under Neville v Wilson and Vandervell v IRC . The argument still remains...
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