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Arbitration is called a method of Alternative Dispute Resolution (ADR) because it helps settle disputes without going to court. In arbitration, both parties present their problem to a neutral person called an arbitrator, who listens to both sides and makes a decision. This process is faster, simpler, and more private than court cases. It provides … Read more
The Board of Directors is a group of people chosen by shareholders to run the company, make decisions, and follow the law. A company is an artificial person, meaning it cannot make decisions or take actions on its own. For this reason, it is managed by a group of people called the Board of Directors. … Read more
An unpaid seller is someone who has sold goods but has not received full payment for them or whose payment has been dishonored, like a bounced cheque. The Sale of Goods Act, protects the rights of an unpaid seller to ensure they can recover their payment or control the goods until they are paid. The … Read more
A contract of sale of goods is a legal agreement where a seller transfers or agrees to transfer goods to a buyer for money, called the price. It is commonly used in business and trade to ensure fair and clear transactions. Laws like the Sale of Goods Act, 1930 govern such contracts and protect the … Read more
A finder of lost goods is a person who discovers and takes possession of items that do not belong to them but appear to have been lost or misplaced by their rightful owner. The role of a finder is significant in balancing personal responsibility with legal and ethical considerations. Laws regarding the rights and duties … Read more
Caveat Emptor (Let the Buyer Beware) The Latin term “Caveat Emptor” means “let the buyer beware.” It is a principle of commerce where the buyer is responsible for assessing the quality and suitability of a product before purchasing it. Concept: This doctrine emphasizes that the seller is not obligated to disclose all the details about … Read more
IMPLIED CONDITION 1. Condition as to Title Implied condition as to title as in “the case of a sale, he has a right to sell the goods, and in the case of an agreement to sell, he will have a right to sell the goods at the time when the property is to pass.”This means … Read more
Transfer of ownership refers to the process by which the legal ownership of goods passes from the seller to the buyer. It determines who holds the title to the goods and who bears the risk associated with them. Once ownership is transferred, the buyer becomes the owner and assumes responsibility for the goods, including risks … Read more
Condition A condition is an important part of a contract. It is something essential for the contract to work properly. If the condition is not followed, the other person can cancel the contract and ask for compensation. For example, if someone buys a car and the condition is that it should be brand new, but … Read more
A seller becomes unpaid seller when he/ she fails to get the whole payment from the buyer in time or when the bank dishonors the negotiable instrument received by him for payment. Rights of an Unpaid Seller Against the Buyer Personally Rights of an Unpaid Seller Against the Goods These rights help the unpaid seller … Read more