...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 to be inadequate to deal...
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...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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...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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...SALE OF GOODS ACT,1930 CHAPTER I: PRELIMINARY 1. Short title, extent and commencement (1) This Act may be called the 1[***] Sale of Goods Act, 1930. 2[(2) It extends to the whole of India 3[except the State of Jammu and Kashmir].] (3) It shall come into force on the lst day of July, 1930. 2. Definitions In this Act, unless there is anything repugnant in the subject of context,- (1) "buyer" means a person who buys or agrees to buy goods; (2) "delivery" means voluntary transfer of possession from one person to another; (3) goods are said to be in a "delivered state" when they are in such state that the buyer would under the contract be bound to take delivery of them; (4) "document of title to goods" includes bill of lading dock-warrant, warehouse keeper's certificate, wharfingers' certificate, railway receipt, 4[multimodal transport document,] warrant or order for the delivery of goods and any other document used in the ordinary course of business as proof of the possession or control of goods or authorising or purporting to authorise, either by endorsement or by delivery, the possessor of the document to transfer or receive goods thereby represented; (5) "fault" means wrongful act or default; (6) "future goods" means goods to be manufactured or produced or acquired by the seller after making of the contract of sale; (7) "goods" means every kind of moveable property other than actionable claims and money; and includes stock and shares, growing crops, grass, and things...
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...Uniform Commercial Code (UCC) Legislative History On September 21, 1957 Massachusetts adopted the Uniform, Commercial Code. Effective October 1, 1958, the Code replaced the Uniform Sales Act, the Negotiable Instruments Law, the Uniform Warehouse Receipts Act, the Uniform Bills of Lading Act, the Uniform Stock Transfer Act, the Uniform Trust Receipts Act, and numerous other statutes. Massachusetts thus became the second state to enact the Code, following the lead of Pennsylvania, where the Code, enacted in April 1953, took effect on July 1, 1954. In March 1958 the Code was enacted in Kentucky, effective July 1, 1960. Proposals to enact the Code will undoubtedly come before legislatures in other states in the course of the next few years, and it seems likely that several other states will join the procession at their 1959 sessions (Braucher, 1958). The Uniform Commercial Code (UCC or the Code), first published in 1952, is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America. The Uniform Commercial Code, or UCC, is a very large collection of legal rules regarding many important business, or “commercial,” activities. The UCC originally was created by two national nongovernmental legal organizations: the National Conference of Commissioners on Uniform State Laws (NCCUSL) and the American Law Institute (ALI) (Steingold, 2013). As...
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...and risk under the Roman Dutch Law? Do they differ from the rules under English law? CHAPTER ONE Introduction: Ownership does not, as in English law, pass on account of a mere agreement between the parties. Delivery of the goods is required. South African law adheres to the “abstract system” of passing ownership whereby the mere intention of the parties to transfer and accept ownership is sufficient, independent of the existence or non-existence of a valid underlying causa. Ownership will pass even if an underlying causa (like a contract of sale) is lacking, putative or invalid. Among the essential requirements of ownership, in which we are specifically interested include the conditions that (i) the delivery must be made by the owner of the goods, or by an agent of his/her who is expressly or by implication authorized to alienate them. This rule follows from two complimentary principles: (a) that which belongs to a person cannot be transferred without his own act – “id quod nostrum est, sine facto nostro ad alium transferri non potest,” (b) no-one can transfer to another a greater right than he himself has – “nemo plus juris ad alium transferre potest ipse harberet.” (ii) The transferor must have the intention of passing the ownership of the thing, and not merely of some right in it less than ownership. The, ownership, consequently does not pass if the seller hands over the goods of another person with the intention of giving the other possession only of the goods, as in the...
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...Mergers & Acquisitions in India With specific reference to Competition Law This research paper is a copyright of Nishith Desai Associates. No reader should act on the basis of any statement contained herein without seeking professional advice. The authors and the firm expressly disclaim all and any liability to any person who has read this research paper, or otherwise, in respect of anything, consequences by any such and of of anything in February 1, 2010 done, or omitted to be done person reliance upon the contents of this research paper. Nishith Desai Associates www.nishithdesai.com TABLE OF CONTENTS I. II. Introduction .................................................................................................................................................... 3 Mergers and Amalgamations: Key Corporate and Securities Laws Considerations. ...................................... 7 III. Acquisitions: Key Corporate and Securities Laws Considerations................................................................. 10 IV. Competition Law ............................................................................................................................................ 21 V. Exchange Control............................................................................................................................................ 24 VI. Taxes and Duties ...................................................................................................
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...| SALE OF GOODS ACT, 1930 | | | master of finance and control (Part 1) September 30, 2011 Submitted by: Nishtha Tewari-2506 Aditi Rao-2560 Jasmeet Kaur-2562 SALE OF GOODS ACT, 1930 ACKNOWLEDGEMENT We would like to extend our gratitude towards Dr. Nidhi Jain for her guidance and constant supervision as well as for providing necessary information regarding the project & also for her support in completing the project. SALE OF GOODS ACT, 1930 CONTENTS I. Contract of Sale of Goods II. Overview III. Characteristics of a Contract of Sale of Goods IV. Sale v/s Agreement to sell V. Sale v/s Hire Purchase VI. Sale v/s Contract for Work and Labor VII. Kinds of Goods VIII. Perishing of Goods IX. The Price X. Modes of Price fixing XI. Agreement to sell at Valuation XII. Earnest or Deposit XIII. Stipulations as to Time XIV. Document of Title of goods XV. Conditions and Warranties XVI. Misrepresentation and Stipulation XVII. Conditions v/s warranties XVIII. When condition can be treated as warranty XIX. Implied Conditions XX. Warranties XXI. Implied Warranties XXII. Doctrine of Caveat Emptor XXIII. Exceptions to Doctrine of Caveat Emptor HISTORY BEHIND THE ACT * Sale of Goods act is a very old mercantile law. The Contracts of Sale of Goods was initially covered in Indian Contract Act, 1872 (Chapter V11) * Since the Indian Contract Act itself was a part...
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...Chapter VII (Sections 76-123) dealt with the sale of goods, which was deleted and The Sale of Goods Act was enacted in 1930 This Act regulates the contract of sale as well as agreement to sale This act is applicable to the sale of moveable properties, while the Transfer of Properties Act deals with immovable properties. Sec. 2(7): ‘Goods’ means every kind of moveable property other than actionable claim and money It includes: stocks and shares; growing crops, grass and things attached to the earth, if agreed to be severed before sale Sec. 2(4): ‘Document of title to goods’ means bill of lading, warehouse certificate, railway receipt, etc. a proof of possession of goods and the person can by endorsement or delivery of the same, authorize to receive the goods Sec. 4(1): Contracts of sale: The seller transfers the property in goods for a price Agreement to sale: The seller agrees to transfer after a lapse of time or happening of a certain contingency or fulfillment of certain condition by the buyer The contract of sale is an executed contract, while the agreement to sale is an executory one. Sec.6: Existing as well as future goods can be subject matter of such contracts/agreements Sec. 5 : Law of contract has an application Contracts can be formed by offer and acceptance either by the buyer or the seller and accepted by the other It can either be oral or in writing or partially both or Can be implied from the conduct of the parties ...
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...THE SALE OF GOODS ACT Contract of sale: A contract of sale of goods is a contract where by the seller transfers OR agrees to transfer the property in the goods to the buyer for a price. Such a sale may be absolute OR conditional. Where under a contract of sale the property in the goods is transferred from the seller to the buyer the contract is termed as sale. Where the transfer of property in the goods is to take place at a future date OR after certain conditions are fulfilled the contract is termed as an ‘agreement to sale’. An agreement to sale becomes a sale after the expiry of the time agreed upon OR after the condition is fulfilled. Essentials of a contract of sale:- 1) Parties: The buyer & the seller who must be competent to contract. 2) Goods: The contract must be in respect of the sale of goods. 3) Transfer of ownership: There must be a transfer of ownership from the seller to the buyer i.e. the buyer becomes the owner of the goods after sale. 4) Consideration: Consideration of a contract of sale is always in terms of money. 5) Form: For a contract of sale there is no particular form prescribed. It can be in writing OR oral. 6) A contract of sale may be absolute OR conditional. A contract of sale is of 2 types:- When it is absolute the ownership of the goods is transferred to the buyer. Such a contract is termed as a sale. When the contract is conditional the ownership of the goods is transferred...
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...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 buying and selling of immovable property. There have been a number of cases in the recent past related to Immovable Property namely-...
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...unlimited liability of partners are two important limitations of partnerships of partnerships in undertaking big business. Joint Stock Company form of business organization has become extremely popular as it provides a solution to overcome the limitations of partnership business. The Multinational companies like Coca-Cola and, General Motors have their investors and customers spread throughout the world. The giant Indian Companies may include the names like Reliance, Talco Bajaj Auto, Infosys Technologies, Hindustan Lever Ltd., Ranbaxy Laboratories Ltd., and Larsen and Tubro etc. 1.2 MEANING OF COMPANY Section 3 (1) (i) of the Companies Act, 1956 defines a company as “a company formed and registered under this Act or an existing company”. Section 3(1) (ii) Of the act states that “an existing company means a company formed and registered under any of the previous companies laws”. This definition does not reveal the distinctive characteristics of a company . According to Chief Justice Marshall of USA, “A company is a person, artificial, invisible, intangible, and existing only in the contemplation of the law. Being a mere creature of law, it possesses only those properties which the character of its creation of its creation confers upon it either expressly or as incidental to its very existence”. Another comprehensive and clear definition of a company is given by Lord Justice Lindley, “A company is meant an association of many persons who contribute money or money’s worth to a common...
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...unlimited liability of partners are two important limitations of partnerships of partnerships in undertaking big business. Joint Stock Company form of business organization has become extremely popular as it provides a solution to (1) overcome the limitations of partnership business. The Multinational companies like Coca-Cola and, General Motors have their investors and customers spread throughout the world. The giant Indian Companies may include the names like Reliance, Talco Bajaj Auto, Infosys Technologies, Hindustan Lever Ltd., Ranbaxy Laboratories Ltd., and Larsen and Tubro etc. 1.2 MEANING OF COMPANY Section 3 (1) (i) of the Companies Act, 1956 defines a company as “a company formed and registered under this Act or an existing company”. Section 3(1) (ii) Of the act states that “an existing company means a company formed and registered under any of the previous companies laws”. This definition does not reveal the distinctive characteristics of a company . According to Chief Justice Marshall of USA, “A company is a person, artificial, invisible, intangible, and existing only in the contemplation of the law. Being a mere creature of law, it...
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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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...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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