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
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
Unpaid Seller 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. The Contract Act, 2056 has not defined the term unpaid selller. Section 45(2) of Indian Sale of goods Act, 1930 has … Read more
The term Sale of Goods describes a transaction in which a seller gives a buyer ownership of goods in return for payment or other consideration. The Sale of Goods Act, 1930, which specifies the rights and responsibilities of buyers and sellers to guarantee equitable and open transactions, governs this transaction. Meaning of Sale of Goods … Read more