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Concepts · CA Foundation/Business Laws + Business Correspondence

Business Laws + Business Correspondence

Ch 2 · Sale of Goods Act, 1930

5 concept points · 0 formulas · 4 exam-critical points.

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Concept
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Chart Summary
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Formula Sheet
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Important Points

⭐ Important points (exam-critical)

  • ⭐Goods: existing, future, contingent — perishing of specific goods voids contract (Sec 7-8).
  • ⭐Doctrine of nemo dat quod non habet — no one gives what one has not (Sec 27); exceptions exist.
  • ⭐Unpaid seller's lien lost when buyer obtains possession or seller waives.
  • ⭐Implied condition of fitness applies when buyer makes known purpose & relies on seller's skill.

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