CPT Chapter Formation of Contract of Sale
With Bharat Gelani.Duration:4hrs 01min
Formation of the Contract of Sale | Duration (min:sec) |
Definition and Basic Concepts | |
Overview | 04:28 |
Formation of Contract of Sale | 01:37 |
Contract of Sale & it's Essentials | 17:02 |
What are Goods | 16:59 |
What are not Goods | 10:17 |
Types of Goods | 18:18 |
Quiz | 02:19 |
Other Definition -Buyer & Seller | 06:56 |
Hypothecation vs. Pledge vs. Mortgage | 10:45 |
Property of Goods | 09:10 |
Sale vs. Agreement to Sell | 13:57 |
Formalities , Delivery and Similar to Sale | |
Formalities of Contract of Sale | 05:02 |
Subject Matter of Contract of Sale | 03:18 |
Destruction of Goods | 08:07 |
Price of Good | 20:47 |
Time | 15:52 |
Quiz | 12:09 |
Delivery | 05:23 |
Modes of Delivery | 07:09 |
Document of Title | 22:04 |
Quiz | 03:09 |
Sale vs. Heir Purchase | 15:00 |
Sale vs. Bailment | 09:15 |
Sale vs. Work Contract | 02:22 |
Quiz | 03:13 |
Conclusion | 01:56 |
Total | 04:06:34 |
Notes
Index
Contract of Sale
Goods, types of Goods & other definitions
Sale vs Agreement to Sell
Formalities of Contract of Sale
Delivery
Document of Title
Contract similar to sales
Contract of Sale
“a contract of a sale of goods is a contract whereby the seller transfers or agrees to transfer the property in the goods to the buyer for a price”
Essentials Contract of Sales
At least two parties
goods
money(not in kind- No barter) -paid or promised
Transfer of Property
Absolute or Conditional
Other Elements of Valid Contract
Formalities of Contract of Sale
(i) immediate delivery; or
(ii) immediate payment of price, delivery at future date; or
(iii) immediate delivery & immediate payment of price; or
(iv) delivery or payment or both in instalments; or
(v) delivery or payment or both at some future date.
Subject matter of Contract of Sales
(1) must always be goods
(2) May be contingent contracts.
(3) Sale of Future Goods = Agreement to sell and not sale
Destruction of Goods
Destroyed before the contract of sale – Void Contract – Risk with seller
Destroyed after the contract of sale – Valid contract – Risk with buyer
Price of Goods
Monetary consideration (not barter)
Price may be fixed :
Mutually by the parties ex- Purchase of furniture
As per manner provided in contract ex- cost+profit-commission
By Third party - Valuer
Trade usage or course of dealing
Notes:-
1. When not Fixed - resonable price (fact)
2. Third party fails to determine value – Contract becomes Void ,
3. Third party is prevented – default - party liable for damages
4. Goods Delivered – Price not ascertained - buyer pays reasonable price
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