LEGAL ASPECTS OF SALES, NIS AND GST
SALE OF GOODS ACT, 1930
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. Let us look at some important terms from the examination point of view.
1. Buyer and Seller
As per Section 2(1) of the Act, a buyer is someone who buys or has agreed to buy goods. Since a sale is a contract between two parties, a buyer is one of the parties to the contract.
The Act defines a seller in Section 2(13) as 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.
The actual transfer of goods does not ...
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