CMA Business Law Ch 3 Unit 1 Defination Quiz 0 Created on December 27, 2023 By admin CMA Foundation Chapter 3 Unit 1 Defination Quiz 1 1 / 10 When a buyer can sue the seller: He may ask for the specific performance, if this being the part of the contract. He may initiate for the breach of the warranty. He may initiate suit for delivery of the goods, if not delivered. All of the above. 2 / 10 A seller of goods shall be deemed to be an “unpaid seller”: 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. A seller who has obtained money decree for the price of the goods is still an unpaid seller, if the decree has not been satisfied. When the whole of the price has not been paid or tendered. All of the above. 3 / 10 Where there is a contract for the sale of specific or ascertained goods the property in them is transferred to the buyer: At such time as the parties to the contract intend it to be transferred At such time as the buyer only intend it to get it transferred. It depends upon the circumstances of the case. At such time as the seller only intend it to transfer to the buyer. 4 / 10 When a seller can stop the goods in transit: When the buyer of the goods informs that he will make payment after some time. The seller has no right to stop the goods in transit. When the buyer of goods becomes insolvent and goods are in transit. When the buyer informs that he is now not in need of the goods. 5 / 10 Where the price is not determined by the parties to the contract of sale of goods, what price shall be paid by the buyer: The buyer shall pay the seller a reasonable price. The buyer shall determine the price at his discretion. The seller shall determine the price at his discretion. The seller shall charge the price according the market forces. 6 / 10 An implied condition on the part of the seller that, in the case of a sale, and that, in the case of an agreement to sell, he has a right to sell the goods/he may have a right to sell the goods at the time when the property is to pass. he has a right to sell the goods/he will have a right to sell the goods at the time when the property is to pass. he will have a right to sell the goods at the time when the property is to pass/he has a right to sell the goods. he may have a right to sell the goods at the time when the property is to pass/he ha a right to sell the goods. 7 / 10 The contract of sale may provide for: The immediate payment of the price. The delivery or payment by installments, or that the delivery or payment or both shall be postponed The immediate delivery of the goods. All of the above. 8 / 10 The Act relating to the sale of goods is called: The Sale of Goods Act, 1930 The Selling of Goods Act, 1930 The Sale of Goods Act, 1830 The Goods Selling Act, 1930 9 / 10 Goods may be: Future Contingent Existing All of the above 10 / 10 A condition is a stipulation to the main purpose of the contract, the breach of which gives rise to a right to treat the contract as repudiated. Not essential Not collateral Essential Collateral Your score isThe average score is 0% LinkedIn Facebook Twitter VKontakte 0% Restart quiz 0 Created on December 27, 2023 By admin CMA Foundation Chapter 3 Unit 1 Defination Quiz 2 1 / 10 The Sale of Goods Act, 1930 came into force on: 1st day of August, 1930 1st day of September, 1930 1st day of July, 1930 1st day of June, 1930 2 / 10 Where there is an agreement to sell goods on the terms that the price is to be fixed by the valuation of a third party and such third party cannot or does not make such valuation, the agreement is thereby: Voidable Illegal Avoided Bad 3 / 10 When a seller can sue the buyer: He may ask for the damages for non• cooperation of the goods. Suit for damages for repudiation of the contract He may sue for the price and interest. All of the above. 4 / 10 The unpaid seller of goods, having a lien thereon, ___________by reason only that he has obtained a decree for the price of the goods: Does not lose his lien Lien cannot be exercised after getting the decree. Losses his right of lien None of the above. 5 / 10 In a contract of sale of goods the seller is under no duty to reveal unflattering truths about the goods sold. This doctrine is called as: Doctrine of indoor management Caveat Emptor Unjust enrichment Doctrine of ultra vires 6 / 10 A lien can be exercised by the unpaid seller only: When the ownership right relating to goods have transferred to the buyer. When the goods are still in possession of the un-paid seller. When the goods have been transported through the carrier made available by the buyer. When the goods have delivered to the buyer. 7 / 10 Where there is a contract for the sale of goods by description, there is an implied condition that: If the sale is by sample as well as by description, the goods must correspond both with the sample and with the description. The goods shall correspond with the description. Both A and B are correct None of the above. 8 / 10 How stoppage in transit is effected by the unpaid seller: By giving notice of his claim to the carrier in whose possession the goods are By giving notice of his claim to the other bailee in whose possession the goods are By taking actual possession of the goods. All of the above. 9 / 10 The conditions and warranties in a sale of goods may be: Express or implied Express Implied None of the above. 10 / 10 A contract of sale may be made: Partly in writing and partly by word of mouth It may be implied from the conduct of the parties. In writing or by word of mouth All of the above. 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