It is a contract of sale where the transfer of property in the goods is to take place at a future time or subject to some condition.
100
Is "actionable claim" a good under the Sale of Goods Act?
No.
100
The parties can also conclude a contract in the sale of goods even though when the price is not settled. True or False?
True.
100
What is meant by Free Alongside Ship (FAS)?
It is a delivery term which requires the seller to deliver goods to a named port alongside a vessel (boat/ship) designated by the buyer.
100
What is an implied warranty?
A warranty assumed by law is called implied warranty.
200
Differentiate between "Sale" and "Agreement to Sell" with regards to "Transfer of Ownership.
In the "sale" the ownership passes from the seller to the buyer immediately. Whereas, in an "Agreement to Sell" the ownership passes from seller to buyer at a future time.
200
What are three different types of "existing goods"?
1. Specific goods,
2. Ascertained good,
3. Unascertained goods.
200
A price to be fixed by the seller or by the buyer means a price to be fixed in ______ _______ ?
Good faith.
200
In the FOB Shipment, when does the title in goods passes from the seller to the buyer ?
The title in goods passes from the seller to the buyer at the place of shipment when the seller gives the possession of the goods to the carrier.
200
Under the warranty of title, the seller should warranty what?
That title of the goods sold is rightful, and that the goods shall be delivered free from any lien or encumbrance of which the buyer at the time of contracting has no knowledge.
300
In the contract of "sale", when the goods are destroyed, the loss falls on the buyer even though the goods are in the possession of the seller. Why?
Because the ownership has already passed to the buyer.
300
What is contingent goods?
Goods the acquisition of which by the seller depends upon an uncertain contingency, which may or may not happen.
300
If the parties to the contract of sale intend not to be bound unless the price is fixed or agreed upon themselves; what will happen if the price is not fixed or agreed upon?
If such price is not fixed or agreed upon then there shall be no contract.
300
Under FAS, seller obtains a receipt of the goods from the carrier. What is that called?
Bill of Lading.
300
In the breach of condition, what can happen to the goods?
The buyer may reject the goods.
400
In an "Agreement to Sell", what is the consequence if the buyer breaks his promise?
The seller can sue only for damages and not for the price.
400
If a merchant agrees to sell one bag of wheat from his godown to a buyer, what sort of existing goods is described here?
Unascertained goods.
400
A contract for sale of goods for a price exceeding Nu 100 or the equivalent in merchandise or services, is not enforceable unless the contract for sale between the parties is in ___________?
Writing.
400
Under C&F, the seller is exempted from one obligation. What is that obligation?
The obligation to insure the goods.
400
What are the three ways to make an Express Warranty?
1. By affirmation of fact or promise made by the seller to the buyer which relates to the goods,
2. By description of the goods.
3. By sample or model.
500
What will happen in a contract of "sale" where the seller becomes insolvent?
The buyer would be entitled to recover the goods from the official receiver or assignee as the ownership of the good is with the buyer.
500
What is an actionable claim?
A claim which can be enforced through the court of law. Debt due from one person to another is actionable claim.
500
The writing of the contract of sale of goods must be done in compliance of three rules. What are they?
1. The rules on use of Judicial Stamps of Bhutan.
2. Attested by the disinterested witness.
3. Signed by the party against whom enforcement is sought or by that party’s authorized agent or broker.
500
What is CIF?
CIF means that the price of goods payable by buyer includes the cost to goods, insurance and freight to the named destination of delivery.
500
What are the conditions to be fulfilled to apply "implied warranty of fitness for a particular purpose"?
1. The buyer should make the seller known the particular purpose for which the goods are required.
2. The buyer should rely on the seller’s skill or judgment with respect to selection of goods.
3. The goods sold must be one which the seller deals in the ordinary course of his business.