CA F Business Law
Transfer of Ownership – CA Foundation Business Law Study Material Question 1.What is the appropriation of goods under the Sale of Goods Act, 1930? State the essentials regarding appropriation of unascertained goods.Answer:Under Section 23(1), in a contract for the sale of unascertained or future goods by description, the property in the goods passes to the […]
Conditions & Warranties Question 1.Explain the condition as to merchantability ant! condition as to wholesomeness.Answer:Implied condition as to merchantability. – [Sec. 16(2)]Where goods are brought by description from a seller who deals in goods of that description, there is an implied condition that goods shall be of merchantable quality. Merchantable means that the goods are […]
Formation of Contract of Sale – CA Foundation Business Law Study Material Question 1.What is a contract of sale? What are the essentials of a valid contract of sale?Answer:According to Section 4(1) of the Sale of Goods Act, 1930, “a contract whereby the seller transfers or agrees to transfer the property in the goods to […]
Contingent & Quasi Contracts – CA Foundation Business Law Study Material Question 1.Define a contingent contract and explain its essentials.Answer:“A contingent contract is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen” – [Section 31]. Contracts of insurance, indemnity and guarantee are examples […]
Performance of a Contract – CA Foundation Business Law Study Material Question 1.What is meant by tender of performance? What are the essentials of valid tender of performance? What is the effect of refusal by the promisee to accept a valid tender of performance in respect of goods and money?Answer:Attempted Performance or Tender / When […]
Consideration – CA Foundation Business Law Question 1.Define consideration. What are the legal rules/essentials regarding consideration? (C.A. Foundation MTP May 2019)Answer:Section 2(d) of the Contract Act define consideration as follows:(a) “When, at the desire of the promisor,(b) the promisee or any other person,(c) has done or abstained from doing, or does or abstains from doing, […]
Nature of Contract – CA Foundation Business Law Study Material Question 1.All contracts are agreements but all agreements are not contracts. Comment.Answer:As per section 2(h) of the Indian Contract Act, 1872, an agreement enforceable by law is a contract. Thus an agreement backed by enforceability by law i.e. the intention to create legal relations is […]