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12th Standard English Medium Commerce Subject The Sale of Goods Act, 1930 Book Back 2 Mark Questions with Solution Part - I

Published on: 03/06/2021

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Std: 12th Standard - Commerce

chapter: - Book back Questions

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Questions:

Generic 2

5 x 2 = 10

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

5 x 2 = 10

(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.