Sale of Goods Act 1930 — Price, Title, Transfer & Remedies
Here are the key concepts of Price, Conditions and Warranties, Transfer of Ownership, and Performance under the Sale of Goods Act, 1930.
Price (Sections 2(10), 9, 10)
The price is the monetary consideration for a contract of sale of goods. It is an essential element, since a transfer of goods for anything other than money is treated as barter, not a sale under the Act.
Ascertainment of Price (Section 9)
The price in a contract of sale may be fixed in any of the following ways:
| Mode of Fixing Price | Description |
|---|---|
| Fixed |
Auction Sales, Online Auctions & Partnership Laws in India
Auction Sale and Online Auction (Section 64)
An Auction Sale is a public sale where goods are offered to the public, and competition is invited in the form of bids. The sale is complete when the auctioneer signifies acceptance, usually by the fall of the hammer.
Rules Governing Auction Sale (Section 64)
- Separate Contract for Each Lot: Where goods are put up for sale in lots, each lot is prima facie deemed to be the subject of a separate contract of sale.
- Completion of Sale: The sale is complete when
Limited Liability Partnership (LLP): Features and Comparisons
Understanding the Limited Liability Partnership (LLP) Structure
A Limited Liability Partnership (LLP) is a modern business structure that effectively combines the operational flexibility of a traditional partnership with the robust liability protection typically associated with a company. Partners in an LLP benefit from limited liability, ensuring their personal assets are shielded from the firm’s debts or liabilities, while still maintaining direct control over the business operations. This hybrid
Read MoreIncoterms C Group: CPT, CIP, CFR, and CIF Rules Explained
C Incoterms: Main Information
The ‘C’ group of Incoterms (CPT, CIP, CFR, and CIF) signifies that the seller pays for the main carriage. However, a crucial characteristic of this group is that the transfer of cost and the transfer of risk occur at different locations.
CPT and CIP Incoterms
CPT (Carriage Paid To) and CIP (Carriage and Insurance Paid To) are Incoterms designed for any mode of transportation (multimodal), including air, rail, road, and sea. They are often used for planes, trains, and trucks.
Read MorePartnership, Company, LLP: Key Differences for Indian Businesses
Understanding Indian Business Structures: Partnership, Company, and LLP
Choosing the right business structure is a critical decision for any entrepreneur in India. This detailed comparison highlights the key differences between a Partnership Firm, a Company, and a Limited Liability Partnership (LLP) across various legal, operational, and administrative aspects.
| Category | Partnership | Company | LLP |
|---|---|---|---|
| Prevailing Law | Partnerships are governed by the Indian |
Partnership Firm Accounting: Fundamentals and Final Accounts
Fundamentals of Partnership Firm
Meaning of Partnership
A partnership is a business organization where two or more people join hands to run a business and share profits and losses.
Legal Definition (Sec 4 of Indian Partnership Act, 1932)
“Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.”
Characteristics of a Partnership
| Feature | Explanation |
|---|---|
| Agreement | There must be an agreement (oral or written) between partners. |