Welcome to Learn At Ur Desk! In Telangana State, Intermediate Exams are going to start soon and if you landed on this post then you are looking for some Important Questions to prepare for your final exams. Well, you have landed in the right place! Today I’m going to give you some most Important Questions lists (IQ Lists) for your last revision before the final exams. The Important Questions List (IQ List) is to help you have an organized Revision before Exams. Please make sure these questions are just for last-minute revision and are based on the NEW syllabus recommended by the board. So, this list of questions only covers part of the syllabus to check the complete syllabus click here Below are TS Intermediate 2 nd year Commerce IQ List Prepared by Rumana Rukhsar (Updated for IPE March 2024) PART – I – Commerce Theory (50 Marks) Section – A (10 Marks questions) Q 1) What are the differences between the money market and the capital mark
Meaning: The subject matter of contract of sale is GOODS. In other words, the contract of sale is made for the sale of goods by the seller to the buyer. Goods means any kind of a movable property but it does not include money, actionable claims and any other immovable property.
The goods which form the subject matter of contract of sale are divided into three:
1. Existing Goods: Goods which exists and which are owned and possessed by the seller at the time of making the contract of sale is called existing goods. Existing goods are further classified into three namely:
i) Specific goods: The goods identified by the buyer before entering into the contract are called specific goods. The property in specific goods passes to the buyer at the time of making the contract itself because these goods are selected before forming the contract.
For example: Selection of one horse out of 25 horses is a specific good.
ii) Ascertain Goods: Ascertain goods are those which are identify after the contract of sale as per the terms are decided. It is important to note here that ae goods are almost of exactly same type of quality and buyer has to select keeping in his mind the defective pieces only.
For example: 25 chairs for an office was purchased out of lot of 100 chairs which are f same design and quality still the buyer selected only 25 chairs so that there should not be any defective anyway.
iii) Unascertained Goods: When the goods are not separately identified at the time of making contract of sale are known as unascertained goods. In short, when the buyer does not select the goods from the lot of goods are unascertained goods.
For example: A lot of 100 chairs are unascertained goods.
2. Future Goods: U/S 2(6) the goods to be acquired, manufactured, produced or possessed by the seller in future after making the contract of sale are known as future goods. It is actually an agreement to sell because the buyer cannot become the owner of the goods till the future goods are acquired.
For example: A contract to sell oil, which is not yet pressed from seed is a contact of future goods.
3. Contingent Goods: U/S 6(20) these are a type of future goods whose acquisition depends on the happening of a future uncertain contingent event is known as contingent goods.
For example: An agreement to sell eggs, future crop etc.
The goods which form the subject matter of contract of sale are divided into three:
1. Existing Goods: Goods which exists and which are owned and possessed by the seller at the time of making the contract of sale is called existing goods. Existing goods are further classified into three namely:
i) Specific goods: The goods identified by the buyer before entering into the contract are called specific goods. The property in specific goods passes to the buyer at the time of making the contract itself because these goods are selected before forming the contract.
For example: Selection of one horse out of 25 horses is a specific good.
ii) Ascertain Goods: Ascertain goods are those which are identify after the contract of sale as per the terms are decided. It is important to note here that ae goods are almost of exactly same type of quality and buyer has to select keeping in his mind the defective pieces only.
For example: 25 chairs for an office was purchased out of lot of 100 chairs which are f same design and quality still the buyer selected only 25 chairs so that there should not be any defective anyway.
iii) Unascertained Goods: When the goods are not separately identified at the time of making contract of sale are known as unascertained goods. In short, when the buyer does not select the goods from the lot of goods are unascertained goods.
For example: A lot of 100 chairs are unascertained goods.
2. Future Goods: U/S 2(6) the goods to be acquired, manufactured, produced or possessed by the seller in future after making the contract of sale are known as future goods. It is actually an agreement to sell because the buyer cannot become the owner of the goods till the future goods are acquired.
For example: A contract to sell oil, which is not yet pressed from seed is a contact of future goods.
3. Contingent Goods: U/S 6(20) these are a type of future goods whose acquisition depends on the happening of a future uncertain contingent event is known as contingent goods.
For example: An agreement to sell eggs, future crop etc.
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