What are the rights of an unpaid seller under Sale of Goods Act 1930?
According to subsection (1) of Section 47 of the Sale of Goods Act, 1930, an unpaid seller, who is in possession of the goods can retain their possession until payment. He sells the goods without any stipulation for credit. The goods are sold on credit but the credit term has expired.
What are the rights and duties of unpaid seller according to Sales of goods Act 1930?
In general it is the duty of the seller to deliver the goods and the buyer to accept them which may be altered by changing the terms and conditions of the contract. But in case of an unpaid seller, he has the right to stop the goods in transit and the right to lien if there is any default in the payment by the buyer.
Who is an unpaid seller in Sale of goods Act?
The Sale of Goods Act, 1930 (hereinafter referred to as the “Act”) defines an unpaid seller as a seller that has not been paid the full price of the goods that have been sold or that has received a bill of exchange or other negotiable instrument as conditional payment, and the condition on which it was received has not …
Who is an unpaid seller explain his rights as against goods?
When the buyer or his agent obtain possession of the goods lawfully. By waiver. This right is an extension to the right of lien. 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.
What do you mean by unpaid seller and what are the rights of unpaid seller against goods?
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.
When unpaid seller has not given notice of re sale to the buyer and there occurs a loss on resale?
If the seller fails to give notice of his intention to resell, he cannot claim damages from the buyer and he has to give any profit. 2- If there is any loss in the resale of goods he can claim the loss from the buyer, on the contrary, if there is profit buyer cannot claim it.
What are the duties of a seller under the Sale of goods Act?
(1) In a sale of specific goods the fundamental obligation of the seller is to deliver those goods to the buyer. (2) In a sale of unascertained goods the fundamental obligation of the seller is to deliver to the buyer goods substantially corresponding to the description or sample by which they were sold.
Which of the following is not the right of an unpaid seller?
| Q. | Which of the following is not the right of an unpaid seller under Sale of Goods Act, 1930: |
|---|---|
| A. | Right of lien on goods for the price while the goods are in possession of seller. |
| B. | Right of stopping the goods in transit, in case of insolvency of buyer |
| C. | Right of resale as limited by the Act |
What is the unpaid seller?
Unpaid Seller: Definition ) When the whole of the price has not been paid or tendered; b) 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 dishonour of the instrument or otherwise. 1.
What is meant by an unpaid seller?
A seller of goods who has not been paid in full for them or who has received a cheque or other negotiable instrument that has not been honoured. Although ownership of the goods may have passed to the buyer, an unpaid seller has certain rights against the goods themselves.
What is meant by unpaid seller?
Unpaid Seller: Definition ) When the whole of the price has not been paid or tendered; b) 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 dishonour of the instrument or otherwise.
Which of the following conditions does not qualify a seller to be called as unpaid seller Mcq?
Answer: To demand back the goods is not right of an unpaid seller. When the seller does not pay the amount, then he does not have any right to demand back the goods.
What was the sale of Goods Act 1930?
Introduction The Sale of Goods Act, 1930 also deals with the rights and duties of unpaid seller as well with the rights and duties of the seller and the buyer. It is the duty of the buyer to pay the price for the goods delivered if he fails to do so, the seller remains unpaid.
What are the rights of an unpaid seller under the sale of Goods Act?
Seller’s Lien (Section 47) According to subsection (1) of Section 47 of the Sale of Goods Act, 1930, an unpaid seller, who is in possession of the goods can retain their possession until payment. This is possible in the following cases: He sells the goods without any stipulation for credit
When does an unpaid seller have a right to a lien?
The right to lien of an unpaid seller is given under section 47 of the Sale of Goods Act 1930. According to this section, an unpaid seller can retain the possession of the goods until the payment in following cases:- • When goods are sold without any stipulation as to credit. • When goods are sold on credit but the term of credit expires.
What is a lien in the sale of Goods Act?
In other words, any set of promises made which forms the consideration or part of the consideration for each other are called reciprocal promises and every contract of sale of goods consists of reciprocal promises. “Lien” is the right to keep possession of products and refuse to give purchaser until the fee is paid by the purchaser.