Transfer Of Property Case Study
THE RULES REGARDING TRANSFER OF PROPERTY AS BETWEEN SELLER AND BUYER
Transfer of Property in Goods
Transfer of property in unascertained goods
Where there is a contract for the sale of unascertained goods, no property in the goods is transferred to the buyer unless and until the goods are ascertained.
Transfer of property in specific or ascertained goods
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.
For the purpose of ascertaining the intention of the parties, regard shall be had to the terms of the contract, the conduct of the parties and the circumstances of the case.
Essentials for Transfer
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There may be a contract of sale between one part-owner and another part-owner. A partner may, buy the goods from the business in which he is a partner and vice-versa.
(2) Mutual Consent: Just the presence of two parties is not sufficient. The parties must agree on the transfer of property.
(3) Transfer of Property: What a contract of sale stipulates is the transfer of property i.e. the ownership of the goods and not the possession of the goods.
(4) Goods: Goods means movable property other than actionable claims and money. It includes stock and shares, growing crops and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale. Since, the price of the goods is expressed in terms of the money, hence money is not considered as goods.
(5) Price: Under a contract of sale, property in the goods is transferred to the buyer for a price. Price is the money consideration for the goods.
(6) Varied requirement as to delivery and payment: The contract may provide for the immediate delivery of goods or immediate payment of the price or
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Reservation of right of disposal in seller (1) Where there is a contract for the sale of specific goods, or where goods are subsequently appropriated to the contract, the seller may, by the terms of the contract or appropriation, reserve the right of disposal of the goods until certain conditions are fulfilled and in such case, notwithstanding the delivery of the goods to the buyer or to a carrier or other bailee for the purpose of transmission to the buyer, the property in the goods does not pass to the buyer until the conditions imposed by the seller are fulfilled.
(2) Where goods are shipped, and by the bill of lading the goods are deliverable to the order of the seller or the seller’s agent, the seller is prima facie deemed to reserve the right of
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