What are the differences between a 'Condition' and 'Warranty' in a contract of sale? Also explain,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
What are the differences between a 'Condition' and 'Warranty' in a contract of sale? Also explain, when shall a 'breach of condition' be treated as 'breach of warranty' under provisions of the Sale of Goods Act, 1930? (b) M, N and P were partners in a firm. The firm ordered JR Limited to supply the fumiture. P dies, and M and N continues the business in the firm's name. The firm did not give any notice about P's death to the public or the persons dealing with the firm. The furniture was delivered to the firm after P's death, fact about his death was known to them at the time of delivery. Afterwards the firm became insolvent and failed to pay the price of furniture to JR Limited. Explain with reasons: (i) Whether P's private estate is liable for the price of furniture purchased by the firm? (ii) Whether does it make any difference if JR Limited supplied the furniture to the firm believing that all the three partners are alive? What are the differences between a 'Condition' and 'Warranty' in a contract of sale? Also explain, when shall a 'breach of condition' be treated as 'breach of warranty' under provisions of the Sale of Goods Act, 1930? (b) M, N and P were partners in a firm. The firm ordered JR Limited to supply the fumiture. P dies, and M and N continues the business in the firm's name. The firm did not give any notice about P's death to the public or the persons dealing with the firm. The furniture was delivered to the firm after P's death, fact about his death was known to them at the time of delivery. Afterwards the firm became insolvent and failed to pay the price of furniture to JR Limited. Explain with reasons: (i) Whether P's private estate is liable for the price of furniture purchased by the firm? (ii) Whether does it make any difference if JR Limited supplied the furniture to the firm believing that all the three partners are alive?
Expert Answer:
Related Book For
Posted Date:
Students also viewed these law questions
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
What are the differences between a performance appraisal system and a performance management system? How are the two systems related to each other? After answering these questions, consider the...
-
Apply normalization (1NF, 2NF and 3NF) of the system description given below and justify why relation needs 1NF, 2NF, and 3NF or not. At the end shift normalized data into Un-Normalized Data. S ystem...
-
Often institutions in federal and state governments give the same percentage pay raise to all their employees. What do you think is the effect of this type of pay raise on employee motivation?
-
Describe three alternative responses available to policymakers when the economy is in recession. What are the advantages and disadvantages of each strategy? Be sure to discuss the effects on...
-
When does it make sense for an organization to consider forming an endowment? How would an endowment influence the need for fundraising?
-
The 2012 accounting records of Liz Ten Transport reveal these transactions and events. InstructionsPrepare the cash flows from operating activities section using the direct method. (Not all of the...
-
Using activity-based costing allows managers to ______________. a.) have more effective control over overhead costs b.) have more accurate plantwide overhead rates c.) have more accurate departmental...
-
List three main departures that the U.C.C. made from the common law of contracts. Also explain all of these.
-
It is well known that forex forecasters perform poorly. See page 161 of Solnik's book. In one of the surveys by Euromoney it is stated that prediction of correct signals was only 44.9%, worse than...
-
Before the passage of the Secondary Mortgage Market Enhancement Act of 1984, there were regulations that prohibited __________ investors from investing in mortgage-backed securities that were not...
-
Tranching is a process of carving up or separating a pool of mortgages into different classes of securities that absorb different __________ losses.
-
Countrywide, once the largest mortgage company in the United States, was acquired by Bank of America in __________.
-
A repurchase transaction (repo) takes place when a firm sells securities for cash with the understanding that the buyer will return the securities for a specified price at a specified future date....
-
If the allowance for home loan losses does not increase when the value of the houses decrease, it is a signal that the company may be __________ the allowance for loan losses.
-
The cost of the machine is $12,123. The CCA rate is 27%. After 8 years, the machine is sold for $2,177. If it is the only asset in the asset class and the tax rate is 37%, what is the TRTL? (Assume...
-
As water moves through the hydrologic cycle, water quality changes are common because of natural phenomena or anthropogenic pollution. Using Figure 11.1, describe how water-quality changes occur...
-
Using the accompanying table as a guide, evaluate each of these two competencies, and place a check mark next to each of the components of a good competency description if the component is present....
-
This is a follow-up to Case Study 7.1 and Case Study 7.2. After the performance system had been put in place, Accounting, Inc. implemented several measures to evaluate the system. First, the company...
-
1. Discuss the key features of a results approach to measuring performance. Use the job description for a Registered Nurse that was provided in Case Study: St. Jessicas Urban Medical Center Emergency...
-
Which of the following is always true? a. When marginal cost is less than average total cost, average total cost is increasing. b. When average fixed cost is falling, marginal cost must be less than...
-
In the long run, a. the average fixed cost curve is U-shaped. b. the average fixed cost exceeds the average variable cost of production. c. all costs are variable. d. all costs are fixed. e. none of...
-
What are constant returns to scale?
Study smarter with the SolutionInn App