BLP - MODULE -2

Multiple Choice

What is the title of the act mentioned in the image?

• Sale of Goods Act, 1930

• Goods and Services Act, 1930

• Trade and Commerce Act, 1930

• Consumer Protection Act, 1930

Multiple Choice

When someone is authorized to act on behalf of another it is governed by _____________ law.

• tort

• administrative

• statutory

• agency

Multiple Choice

When was the Indian Sale of Goods Act enacted?

• 1930

• 1947

• 1950

• 1963

Multiple Choice

Two major elements which defines a contract .......

• Offer and acceptance

• Agreement and enforceable by law

• Consideration and offer

Multiple Choice

What does Sec 4(1) of the Indian Sale of Goods Act, 1930 define as a contract of sale of goods?

• A contract to sell services

• A contract to sell goods for a price

• A contract to lease goods

• A contract to donate goods

Multiple Choice

What are the essential elements of a valid contract as depicted in the diagram?

• Buyer and Seller

• Goods

• Price

• Transfer of Property

Multiple Choice

What are the six essential elements of a contract of sale?

• Agreement

• Free Consent

• Competency of the Parties

• All of the above

Open Ended

Explain the concept of 'transfer of property' as described in the text.

Multiple Choice

What does the term 'goods' include according to the definition provided?

• Only physical items

• Every kind of moveable property

• Only stocks and shares

• Only crops and grass

Multiple Choice

What are the three types of goods mentioned in the image?

• Existing Goods

• Future Goods

• Contingent Goods

• All of the above

Multiple Choice

What are the three types of existing goods?

• Specific goods

• Ascertain goods

• Unascertained goods

• None of the above

Multiple Choice

Sugar and flour that are purchased to make baked goods are classified as

• parts.

• installations.

• consumer goods

• materials.

Multiple Choice

A RAW good is:

• Cotton

• Ants

• Dogs

• Couch

Multiple Choice

Which of the following is an industrial good:

• Tires for a tow truck

• Matt’s cell phone

• Holiday flowers

• Emily’s home computer

Multiple Choice

What are future goods as defined in the contract of sale?

• Goods that are already manufactured

• Goods that are to be manufactured or produced after the contract

• Goods that are not sold

• Goods that are perishable

Multiple Choice

What are contingent goods and how do they depend on a contingency?

• Goods that are always available

• Goods that depend on a contingency

• Goods that are never sold

• Goods that are only sold in bulk

Multiple Choice

What is the difference between a contract of sale and an agreement to sell?

• A contract of sale transfers ownership immediately

• An agreement to sell transfers ownership immediately

• Both are the same

• Neither involves ownership transfer

Multiple Choice

What is a sale in terms of contract?

• A transfer of ownership of goods

• A verbal agreement

• A promise to pay

• A lease agreement

Multiple Choice

Green Thumb Gardens sold $1,500 worth of soil to Floral Designs on account.

• Purchase on Account

• Sale on Account

• Payment Made on Account

• Payment Received on Account

Multiple Choice

The transfer in writing of interest in a bond, mortgage, lease, or other instrument. 

• option

• novation

• contract

• assignment

Multiple Choice

What is an agreement to sell?

• A contract of sale where property is transferred immediately

• A contract of sale where property is transferred at a future date

• A contract of sale that does not involve goods

• A contract of sale that is not legally binding

Multiple Choice

What were the two necessary conditions for the contract in Johnson v Macdonald?

• The ship must arrive safely

• The buyer must pay immediately

• The goods must be delivered on time

• The seller must have a backup plan

Open Ended

List the seller obligations highlighted in the case regarding online sales.

Multiple Choice

What was the main issue in the case of Tata Motors Ltd. vs. Antonio Paulo Vaz?

• Deficiency in service

• Unfair trade practice

• Misrepresentation of a new car

• All of the above

Multiple Choice

What is the main difference in ownership transfer between a Sale and an Agreement to Sell?

• Ownership passes to the buyer

• Ownership remains with the seller

• Ownership is shared

• Ownership is temporary

Multiple Choice

What are the three types of documents that serve as a title to goods?

• Bill of Lading

• Dock Warrant

• Warehouse keeper's Certificate

• Invoice

Open Ended

What is the significance of the Warehouse Keeper’s Certificate in the context of goods storage?

Multiple Choice

Which document is issued by dock authorities as evidence that specified goods are in the dock?

• Bill of Lading

• Dock Warrant

• Warehouse Keeper’s Certificate

• Railway Receipt

Multiple Choice

What is the purpose of a Bill of Lading?

• To acknowledge receipt of goods for carriage by sea

• To confirm goods are in the warehouse

• To demand delivery of goods from the dock

• To instruct delivery of goods to a person

Multiple Choice

What are the key differences between conditions and warranties in a contract?

• Conditions are essential to the contract

• Warranties are essential to the contract

• Both are equally important

• Conditions can be waived

Multiple Choice

What is the definition of a condition in the context of contracts?

• A stipulation that is optional

• A demand that can be ignored

• A stipulation essential to the main purpose of the contract

• A suggestion for negotiation

Multiple Choice

What is the main condition precedent that Company B must fulfill before the transaction can be finalized?

• Obtain regulatory approvals

• Pay the purchase price

• Sign the Share Purchase Agreement

• Complete the acquisition