- How stoppage in transit is affected?
- What is right of resale?
- How are right of lien and stoppage in transit affected by sub sale or pledge by the buyer?
- What rights do unpaid sellers have?
- What is the right of lien?
- Who is an unpaid vendor?
- Is it resell or resale?
- What is considered resale?
- What are the duties of a seller?
- What is condition and warranty?
- What is auction sale?
- What is sale and agreement to sale distinguish between them?
The right of stoppage in transit means that an unpaid seller has the right to stop the goods while they are in transit, regain possession, and retain them till he receives the full price.
How stoppage in transit is affected?
Even if the goods arrive at the destination of the buyer the transit continues until the buyer obtains possession from the middleman. When the right of lien ends, right of stoppage in transit begins. When the buyer acquires possession of the goods, the right of the seller to affect stoppage in transit comes to an end.
What is right of resale?
The right that the seller in a contract of sale has to resell the goods if the buyer does not pay the price as agreed.
How are right of lien and stoppage in transit affected by sub sale or pledge by the buyer?
Effects of sub-sale or pledge by the buyer
The rights of lien and stoppage in transit are meant to protect the seller. According to Sec. 53 (1), the seller’s right of lien or stoppage in transit is not affected by any sale, pledge or other disposition of the goods by the buyer, unless the seller has assented to it.
What rights do unpaid sellers have?
Rights of Unpaid Seller Against Buyer. When the buyer of goods does not pay his dues to the seller, the seller becomes an unpaid seller. Such rights are the seller remedies against the breach of contract by the buyer. Such rights of the unpaid seller are additional to the rights against the goods he sold.
What is the right of lien?
A lien is the right to retain the lawful possession of another person’s piece of property until the owner fulfills a legal duty to the person holding the property, such as the payment of lawful charges for work done on the property. A mortgage is a common lien.
Who is an unpaid vendor?
a seller of goods is an unpaid seller within the meaning of the Sale of Goods Act 1979 when the whole price has not been paid or tendered or when a bill of exchange or other negotiable instrument has been received as conditional payment and the condition on which it was received has not been fulfilled by reason of the
Is it resell or resale?
Resell: verb, to sell (something) one has previously bought. Reseller, (noun). In our opinion, and for most Internet marketers, Resale Rights and Resell Rights mean the exact same thing, both terms are a common Internet term that has been used for years, so you may find us using both terms here at The MRR Membership .
What is considered resale?
A category of finished items that are sold to a retailer by a manufacturer or distributer and are eventually intended to be sold to consumers for profit. This is an important distinction because any sales tax paid by the retailer for these goods is considered a cost of doing business and can qualify as a tax reduction.
What are the duties of a seller?
A seller is responsible for initiating sales conversations and making the selling process easy for customers. They work in various settings, especially retail stores or service centers. A seller’s job is to ask customers questions and recommend the best product based on their desires and needs.
What is condition and warranty?
Meaning. A requirement or event that should be performed before the completion of another action, is known as Condition. A warranty is an assurance given by the seller to the buyer about the state of the product, that the prescribed facts are genuine. Defined in. Section 12 (2) of Indian Sale of Goods Act, 1930.
What is auction sale?
A sale by auction is a public sale where various intending buyers offer bids for the goods and try to outbid each other. Ultimately, the goods are sold to the highest bidder. An auction sale is complete when the auctioneer announces its completion by the fall of the hammer or in other customary manner.
What is sale and agreement to sale distinguish between them?
A contract of sale is an example of Executed Contract whereas the Agreement to Sell is an example of Executory Contract. Risk and rewards are transferred with the transfer of goods to the buyer in Sale. On the other hand, risk and rewards are not transferred as the goods are still in possession of the seller.