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CAIIB Paper 4 BRBL Module D Unit 7 : Meaning and Essentials of a Contract of Sale (New Syllabus)
IIBF has released the New Syllabus Exam Pattern for CAIIB Exam 2023. Following the format of the current exam, CAIIB 2023 will have now four papers. The CAIIB Paper 4 (BANKING REGULATIONS AND BUSINESS LAWS) includes an important topic called “Meaning and Essentials of a Contract of Sale”. Every candidate who are appearing for the CAIIB Certification Examination 2023 must understand each unit included in the syllabus.
In this article, we are going to cover all the necessary details of CAIIB Paper 4 (BRBL) Module D (COMMERCIAL & OTHER LAWS WITH REFERENCE TO BANKING OPERATIONS) Unit 7 : Meaning and Essentials of a Contract of Sale, Aspirants must go through this article to better understand the topic, Meaning and Essentials of a Contract of Sale and practice using our Online Mock Test Series to strengthen their knowledge of Meaning and Essentials of a Contract of Sale. Unit 7 : Meaning and Essentials of a Contract of Sale
Sale of Goods Act 1930
The Sale of Goods Act, 1930, extends to the whole of India.
The Sale of Goods Act is specially enacted to lay down the law relating to the sale and purchase of moveable goods in the country. A contract of sale of goods is a contract under which the seller transfers or agrees to transfer the property in goods to the buyer for a price. When the property in the goods is transferred from the seller to the buyer, the contract is called a sale.
‘Goods’ means every kind of moveable property (other than actionable claims and money) and includes
- Stock and shares
- Growing crops, grass
- Things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale.
Features of Contract of Sale of Goods
- Bilateral contract: A sale involves two persons – The buyer and the seller.
- Money consideration: The consideration for a sale of goods must be money, called the price payable for the transfer of goods.
- Moveable property: The Sale of Goods Act covers only the sale of moveable goods and not immoveable property like land and building. The contracts relating to transfer of immoveable property are governed by the Transfer of Property Act
- No particular form: The Act does not make it mandatory to enter into written contracts for the sale of goods. However, if any particular law provides for sale of certain types of goods to be done by a contract in writing, then that law has to be complied and the contract has to be in writing
The contract may be oral or written or can be implied by the conduct of the parties. A contract of sale is made by an offer to buy or sell goods for a price and the acceptance of such offer.
The contract may provide for:
- Immediate delivery of the goods on immediate payment of the price.
- For the delivery or payment by instalments.
- Postponement of delivery or payment.
Distinction Between A Sale And An Agreement To Sell