explain legal evidence and sale of business
Answers
Definitions of Important Terms
Sale of commodities constitutes one of the important types of contracts under the law in India. India is one of the largest economies and also a great country where and thus has adequate checks and measures to ensure the safety and prosperity of its business and commerce community. Here we shall explain The Sale of Goods Act, 1930 which defines and states terms related to the sale of goods and exchange of commodities.
Sale of Goods Act, 1930 – Important Terms
The Sale of Goods Act, 1930 herein referred to as the Act, is the law that governs the sale of goods in all parts of India. It doesn’t apply to the state of Jammu & Kashmir. The Act defines various terms which are contained in the act itself. Let us see below:
I. Buyer And Seller
As per the sec 2(1) of the Act, a buyer is someone who buys or has agreed to buy goods. Since a sale constitutes a contract between two parties, a buyer is one of the parties to the contract.
The Act defines seller in sec 2(13). A seller is someone who sells or has agreed to sell goods. For a sales contract to come into existence, both the buyers and seller must be defined by the Act. These two terms represent the two parties of a sales contract.
A faint difference between the definition of buyer and seller established by the Act and the colloquial meaning of buyer and seller is that as per the act, even the person who agrees to buy or sell is qualified as a buyer or a seller. The actual transfer of goods doesn’t have to take place for the identification of the two parties of a sales contract