Page 168 - DMGT102_MERCANTILE_LAWS_I

Mercantile Laws-I

Notes 5. The word lien means to retain possession of.

6. The amount of damages is not to be determined in accordance with the provisions laid
down in Sec.73 of the Indian Contract Act, 1872.
7. Risk follows ownership.
8. There are can be an ‘agreement to sell’ goods.

9. A ‘Hire-purchase agreement’ is a bailment plus an agreement to sell.
12.10 Review Questions

1. State the essentials of a contract of sale under the Sale of Goods Act, 1930.
2. Distinguish between (i) Sale and hire purchaser agreement. (ii) Sale and ‘contract for work
and labour’. (iii) sale and agreement to sell.
3. What is meant by goods?

4. What is meant by (i) ascertained and unascertained goods, (ii) specific and generic goods,
(iii) existing and future goods?
5. What do you understand by a ‘document of title to goods’? Give at least two examples of
documents which are recognised by the Sale of Goods Act as being documents of title to
goods.

6. What are the rules as given in the Sale of Goods Act, 1930, regarding fixation of price?

7. What do you understand by earnest money?

Answers: Self Assessment

1. True 2. False
3. True 4. False
5. True 6. False
7. True 8. True
9. False

12.11 Further Readings

Books G. Vijayaragavan Iyengar (2007), Introduction to Banking, Excel Books, New Delhi,
India.
S.S Gulshan, Business Law, Third Edition, 2006, Excel Books, New Delhi.
S.S Gulshan, Mercantile Law, Third Edition, 2006, Excel Books, New Delhi.

Online links http://www.dateyvs.com/gener12.htm
http://www.vakilno1.com/bareacts/saleofgoods/saleofgoods.htm

http://www.sudhirlaw.com/Business3.html
http://webarchive.nationalarchives.gov.uk/+/http://www.berr.gov.uk/
whatwedo/consumers/fact-sheets/page38311.html

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