Business Law Unit-IV definition and features

Business Law Unit-IV definition and features

1. D.Ramesh Kumar Assistant professor Department of B.Com CA Sri Ramakrishna College of Arts and Science Coimbatore SRI RAMAKRISHNA COLLEGE OF ARTS AND SCIENCE

2. contract of sale is a contract by which the ownership of goods is transferred from the seller tothebuyer. Sec 4 (1) of the Indian sale of goods Act,1930 defines a contract of sale as “is a contract where by the seller transfers or agrees to transfer the property in the goodsto the buyer for a price ”. Thus contract of sale includes both a sale as well as an agreement to sell . UNIT-IV Sale of goods act 1930 1.Introduction

3. 2. Essentials for a valid Contract of Sale : Legal Requirements : Two Parties : Goods must be the subject matter Transfer of Property Price 3.Sale ’ and ‘Agreement to sell’ Contract of sale –Introduction. Thus a contract of sale includes ‘sale’ as well as an ‘agreement to sell’. UNIT-IV Sale of goods act 1930

4. 4. Sale or Absolute sale: Acc ording to sec4 (3) of the sale of goods Act, “where under a contract of sale the property in the goods is immediately transferred from the seller to the buyer, the contract is called a sale ”. Thus the sale has the immediate effects of transferring the ownership of goods . E.g .: ‘A’ agrees to sell certain goods to ‘B’ on 1st December , for Rs 2000. ‘B’ agrees to pay the price after one week. It is a sale. UNIT-IV Sale of goods act 1930

5. According to sec4 (3) of the sale of goods Act, ”where the property in the goods (legal ownership of goods) is transferred to the buyer at some future date or on the fulfillment of a certain condition, the contract of sale is called an ‘agreement to sell ’. E.g.: ‘A’ on 1st Jan, agrees to sell certain goods to ‘B’ for Rs 20,000 after one week. ‘B’ agrees to pay for the goods on delivery. It is an agreement to sale. An agreement to sell becomes a sale when the time lapses or the conditions in the agreement are fulfilled. UNIT-IV Sale of goods act 1930 5.Agreement to sell

6. Types of Condition : (A) Express Conditions ( B) Implied Conditions a.Condition as to title (sec14). b Condition in sale by description. c.Condition as to sample d .Condition as to sample as well as to description UNIT-IV 6.Condition: A condition is a stipulation essential to the main purpose of the Contract, the breach of which gives rise to a right to treat the contract as repudiated . In other words, a condition is an important representation by the seller, which is essential to the main purpose of the contract, and if it proves to be false, the buyer has the Sale of goods act 1930.

7. UNIT-IV 5. Condition as to quality or fitness for buyers purpose. 6. Condition as to whole someness. 7.Warranty warranty is a representation made by the seller, which is not of that important as condition. It is only collateral to the main purpose of the contract. If it proves to be un true, the buyer can’t cancel the contract but he can claim only damages from the seller. Types of warranties: The warranties may be Express Implied..

8. UNIT-IV Warranty as to quiet possession sec 14(b): Warranty as to free from encumbrance sec 14(c): Warranty to disclose dangerous nature of goods: Implied warranty annexed by usage of trade : 8.Caveat Emptor The term ‘caveat emptor’ is a Latin word which means ‘let the buyer beware’ i.e ., It is the buyer’s duty to select goods of his requirement. He must take care while purchasing good sand the seller is not bound to supply the goods, which shall be fit for any particular purpose of the buyer . If the buyer makes a wrong choice of the goods, he cannot blame the seller if the goods are not useful for his (buyer) purpose. .

9. State the legal rules relating to passing of property in case of a. Sale of specific goods. b. Sale of unascertain goods and c. Sale on approval or on sale or return basis . UNIT-IV Exceptions to the doctrine of caveat emptor: These exceptions may be discussed under the following heads. 1.Implied condition as quality or fitness. 2.condition as to merchantability. 3.condition as to wholesomeness . 9.Transfer of property

10. UNIT-IV 10. Consumer protection act 2019 The Consumer Protection Act, 2019 is an Indian law that replaced the 1986 Act, established to promote and enforce consumer rights, particularly in modern e-commerce environments. Key features include the creation of the Central Consumer Protection Authority (CCPA) to regulate unfair trade practices like false advertising, expanded consumer rights, and alternate dispute resolution (ADR) mechanisms like mediation to simplify and expedite complaint resolution. The Act also includes provisions for e-commerce businesses, outlines penalties for violations, and empowers consumers to file complaints electronically. 

11. UNIT-IV 11.Consumer A consumer is an individual or entity that purchases or uses goods or services for personal or household consumption, rather than for resale or production. A consumer is a person or a group who intends to order, or use purchased  goods , products, or  services  primarily for personal,  social , family, household and similar needs, who is not directly related to entrepreneurial or business activities. The term most commonly refers to a person who purchases goods and services for personal use.

12. UNIT-IV 12 .Consumer protection council A Consumer Protection Council is an advisory and consultative body, established at the Central , State , and District levels in India, that works to promote and protect consumer rights by spreading awareness, monitoring law enforcement, and making recommendations for improvements to consumer protection policies. These councils consist of both governmental and non-governmental members to ensure a diverse range of perspectives are heard and considered.

13. UNIT-IV 13 .Consumer Redressal commission A   Consumer Disputes Redressal Commission  (CDRC) is a quasi-judicial body established under India's Consumer Protection Act to resolve consumer grievances. This three-tier system includes District Consumer Disputes Redressal Fora, State Consumer Disputes Redressal Commissions (SCDRCs), and the apex  National Consumer Disputes Redressal Commission (NCDRC) . The NCDRC handles complaints exceeding ₹10 crore in value and acts as an appellate body for orders from State Commissions.

14. UNIT-IV 14 .Consumer Redressal commission The Three-Tier System The Consumer Protection Act of 1986, and later the Consumer Protection Act of 2019, established a three-tier structure to resolve consumer disputes at the district, state, and national levels:  District Forum/Commission: Handles cases valued up to ₹10 crore.  State Commission: Hears cases with a value between ₹10 crore and the limit of the District Forum, as well as appeals from District Fora.  National Commission (NCDRC): The highest level, accepting complaints valued at more than ₹10 crore and appeals from State Commissions.