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11th Commerce - The Sale of Goods Act, 1930 - Two Marks Study Materials

Published on: 22/01/2020

The Sale of Goods Act, 1930

Download Tamil Nadu 12th Standard Commerce question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.

Questions + Answers key

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Std: 12th Standard - Commerce

chapter: - Model Question paper

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Questions:

Generic 2

6 x 2 = 12

What is price?

What do you understand by warranty?

What is a Contingent Goods?

What is meant by goods?

List down the essential elements of a contract of sale.

What is a contract of sale of goods?

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Answers Key:

Generic 2

6 x 2 = 12

The monetary consideration for the goods sold is called price. If goods are exchanged for goods, it is only barter and not a sale.

(i) Warranty represents a stipulation which is collateral to the main purpose of the contract. It is of secondary importance to the contract.
(ii) The violation of warranty entitles the affected party to claim damages or compensation from the other party.

(i) Contingent goods are the goods, the acquisition of which by the seller depends upon a contingency.
(ii) Contingent goods are a part of future goods.

(i) Goods are materials that satisfy human wants and provide utility.
(ii) The term 'goods' includes every kind of movable property, stocks, and shares, growing crops, etc. Goodwill, trademarks, copy rights, patent rights etc., are all also regarded as goods.

Following essential elements are necessary for a contract of sale.
(i) Two parties
(ii) Transfer of property
(iii) Goods
(iv) Price
(v) Includes both 'Sale' and 'Agreement to sell'

Contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property (Ownership) of the goods to the buyer for a price.