SGA [SLIDE-23]

Essential elements of a contract of sale and an agreement to sell

4) Formation of the contract:

X or Y at the time of making the contract the buyer and the seller has to tell each other that they are making X or Y.

Example:

At the time of making a contract with Mr. A that look our agreement is an agreement of good or look our agreement is an agreement of sell

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Asia cup-2016; game-1; IND-166-7[20] BAN-121-7[20]

SGA [slide-22]

Essential elements of a contract of sale and an agreement to sell

3) Two parties:

X or Y there has to  be at least one buyer and one seller.

Example:

Mark sell his horse to Enron. Enron also buy this horse. Now there are one buyer Enron and one seller Mark.

SGA[slide-21]

Essential elements of a contract of sale and an agreement to sell

2) Movable goods for money:

x or y in exchange of the movable goods the buyer has to give money to the seller, he cannot give anything else.

Example:

A buy a car form B by 4000$. Now A must pay 4000$ to B. Because A cannot give anther things to B. 

SGA [SLIDE-20]

Essential elements of a contract of sale and an agreement to sell

X= Weather it is a contract of sell and

Y= Weather it is an agreement to sell

  1) Movable goods:

X or Y  the subject matter of the contract has to be movable goods.

Example:

Royalty, grass, growing crop, standing timber, government promissory notes etc. are movable goods.

SGA[SLID-19]

Difference between a contract of sale and agreement to sell

3) Remedial Measure:

Example:

Rahim sell his bicycle to Kalam but Kalam said that he pay the money after two week. And at last Kalam don’t pay the money. Now Rahim file the case against Kalam for money recovery. On the other hand Rahim resell his product.

SGA SLIDE-18]

Difference between a contract of sale and agreement to sell

1) Transfer of ownership:

Example: A wants sell his car to B & B will buy the car. So A will sell his car to B & B will get the ownership in future.

2) Transfer of risk:

Example: Kamal sell his company to Salam. And now Salam is take care all of things. Salam take all of risk for this company. Because he is owner of the company.

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19.2.2016- AFG-UAE
19.2.2016- HKG-OMAN
20.2.2016- AFG-OMAN
21.2.2016- HKG-UAE
22.2.2016- AFG-HKG
22.2.2016- OMAN-UAE
24.2.2016- IND-BAN
25.2.2016- SL-TBA
26.2.2016- BAN-TBA
27.2.2016- IND-PAK
28.2.2016- BAN-SL
29.2.2016- PAK-TBA
1.3.2016- IND-SL
2.3.2016- BAN-PAK
3.3.2016- IND-TBA
4.3.2016- SL-PAK
6.3.2016- FINAL

SGA [slide-17]

Kinds of Contract

Under the sale a of goods act 1979 basically we are concern about two types of contract :

1. A contract of sale.

2. An agreement to sell.

A contract of sale (instant selling):

Example: A wants to sell his house to B and B buys his house in this moment. And A also sells his house right now. This is instant selling.

An agreement to sell (future selling):

Example: A sells his house to B and B buys his house in future. And A also sells his house future. This is future selling.

SGA [slide-16]

9: Property

Under the sale of goods act 1979 the word property means any kind of movable property but not any especial property.

Example:

Suppose A has mobile phone, car . In this two property are movable property of  A. 

SGA [SLIDE-15]

8: Price

Under the sale of goods act 1979 the word price mean money consideration.

Example:

Mr. Kamal sells his mobile phone by 3000tk and Mr. Rahim buys the mobile phone by 3000tk and 3000 taka is price for the mobile phone. 

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SGA [slide-14]

7: Mercantile Agent

In the commercial arena when a person is working on behalf of another person and when he his representing that anther person.

Example:

Suppose A wants to sell his car to C. But A doesn’t talk with C. B talks with C to sell A’s car. B is represented person for A and B is mercantile agent.

SGA [SLIDES-13]

Insolvent

  Under  the sale  of goods act  when a person does not have a single money repay his debts then he will be called insolvent.

Example: Suppose  I do not any  money in my bank account to repay the death I owe to the bank.

SGA [SLIDE-11,12]

Unpaid seller

Example : I sold my  Flat to Maliha at tk 5 Crore. However she didn’t pay me the money so here I am unpaid seller.

Fault

I.Wrongful act:  if I have got more bottles of alcohol then that is mention in my license.   

II.Default act: x give 10 cartoons of apples and I am suppose to get  them delivered by a van. However I have failed to sent the van  thus I have fail to full  failure to obligation. Thus I am a default act

SGA [slide-10]

Unpaid seller

According to Sec 45(1) unpaid seller means mainly 3 things.

A.When the seller has bought no payment at all for his sold product

B.Seller has got the total payment of his sold product buy a negotiable instrument and that has been dishonor.

C. The seller has got some payment by cash and got rest of the payment by a negotiate instrument and has been dishonor.

SGA [SLIDE-9]

3.Contingent Goods:  According to section 3(2) at time making the contract the good is not is in existence.

Example: suppose I went manish malhotra for  buying  my wedding gown. After giving him advanced payment he agreed to design an exclusive wedding gown for me.

   We already have entered into  a  contract but the product is not  made yet and  not in existence.

   Thus  the wedding gown is contingent good.

SGA [SLIDE-8]

Kinds of goods

2.  Future Goods: According to S2(6) The good is not is in Existence but after making the contract the good will be either manufactured or it will be acquired with certainty.

Example: I am  the seller of Samsung .If buyer and seller agrees to sell  Samsung note  5 on a future date.

SGA [SLIDE-7]

Kinds of goods

1.Existing Goods: According  to S6(1) these goods  which is already is in existence, You might see it or you might not it doesn’t matter.

Example: To understand existing goods  it must be understood what a  non existing good means.

Suppose  iPhone 7 is non existing goods  but  all iPhone models till iPhone 6S  are existing goods.

SGA [SLIDE-6]

Goods

According to S.2(7) under to sell of goods act any kind of moveable goods other then actionable claims  and money.

Example: All kinds of moveable goods like mobile, shoes, clothing.

SGA [SLIDE-5]

Seller

According to S.2(3) The person who is selling the product right now or who agrees to sell the product in the future.

Example: Suppose I bought the iphone6 from I store. So icenter is a seller.

SGA [SLIDE-4]

Buyer

According to S.2(1) The person who is buying the product right now or who agree to buy the product in the future.

Example: Suppose  after visiting  the shopping mall I have bought my desired iphone6. Thus I am the buyer of the iPhone 6.

SGA SERIES [SLIDES-1,2,3]

Dear readers from today you will gate another series. It is about sell of goods act.
so let's start.

Topic: Sale of goods act

Sale of goods act 1979

This law  comes  from British law.

Concern regarding buying and selling of moveable goods.

Example:

Suppose I  went to a shopping mall to buy a Iphone 6.

Thus Sale of goods act 1979 shall apply in relation to the implied terms of buying the product