The Path to a Greener Future: Understanding Sustainable Development In an era where environmental challenges and resource depletion are becoming increasingly evident, the concept of sustainable development has gained significant importance. Sustainable development aims to meet the needs of the present without compromising the ability of future generations to meet their own needs. This blog post will explore the principles, goals, and strategies of sustainable development, highlighting its critical role in ensuring a balanced and healthy future for our planet. "Transforming our world: The path to sustainable development." What is Sustainable Development? Sustainable development is a holistic approach that integrates economic growth, environmental protection, and social equity. It seeks to create a harmonious relationship between human activities and the natural world, ensuring that resources are used efficiently and responsibly. Definition: The most widely recognized de...
INTRODUCTION
A contract of sale is a contract where the seller performs his part of obligation by transferring the ownership rights and possession of goods to the buyer perform by making the payment for the goods. Transfer of property is different from Transfer of Possession.
TRANSFER OF POSSESSION: When the custody of the goods is given by the seller to the buyer, then we say that the possession of goods has been transferred.
For example: ‘A’ gives his car for repair to a mechanic. Here only the possession of goods is given and not ownership rights.
TRANSFER OF PROPERTY: Transfer of property means transfer of ownership rights by the seller to the buyer. The legal rights to own the goods are also handed over to the transferee.
For example: ‘A’ sold his car to ‘B’ for Rs 1,50,000 and transferred the ownership document in the name of ‘B’ although the car is still in custody of ‘A’. Held, the property rights or ownership rights of the car now belongs to ‘B’, no matter the possession of car is still with ‘A’.
The relevance or significance or consequences of transfer of property can be stated as follow:
With the transfer of property, the owner gets the followings RIGHTS and RESPONSIBILITIES:
1. Risk of Loss: The risk of any kind of loss to the goods is to borne by the OWNER of goods. Before the contract of sale, SELLER is the owner of the goods. After the contract of sale, ownership rights are transferred to BUYER.
2. Rights to take action against the third parties: In case the goods get damages or destroyed by a third party, then only the owner of the goods can sue the third party. i.e. after the contract of sale the buyer only has the right to take some legal action against the third party.
3. Suit for price: The seller can sue the buyer for the price of the gods only after the property has been transferred in the name of buyer.
4. Legal rights of official assignee: In case the buyer or the seller have become insolvent the question arises whether the official assignee can take over the property in goods or not, well it depends upon the fact that who has the ownership right of the goods at that time, the buyer or the seller as the case may be.
A contract of sale is a contract where the seller performs his part of obligation by transferring the ownership rights and possession of goods to the buyer perform by making the payment for the goods. Transfer of property is different from Transfer of Possession.
TRANSFER OF POSSESSION: When the custody of the goods is given by the seller to the buyer, then we say that the possession of goods has been transferred.
For example: ‘A’ gives his car for repair to a mechanic. Here only the possession of goods is given and not ownership rights.
TRANSFER OF PROPERTY: Transfer of property means transfer of ownership rights by the seller to the buyer. The legal rights to own the goods are also handed over to the transferee.
For example: ‘A’ sold his car to ‘B’ for Rs 1,50,000 and transferred the ownership document in the name of ‘B’ although the car is still in custody of ‘A’. Held, the property rights or ownership rights of the car now belongs to ‘B’, no matter the possession of car is still with ‘A’.
With the transfer of property, the owner gets the followings RIGHTS and RESPONSIBILITIES:
1. Risk of Loss: The risk of any kind of loss to the goods is to borne by the OWNER of goods. Before the contract of sale, SELLER is the owner of the goods. After the contract of sale, ownership rights are transferred to BUYER.
2. Rights to take action against the third parties: In case the goods get damages or destroyed by a third party, then only the owner of the goods can sue the third party. i.e. after the contract of sale the buyer only has the right to take some legal action against the third party.
3. Suit for price: The seller can sue the buyer for the price of the gods only after the property has been transferred in the name of buyer.
4. Legal rights of official assignee: In case the buyer or the seller have become insolvent the question arises whether the official assignee can take over the property in goods or not, well it depends upon the fact that who has the ownership right of the goods at that time, the buyer or the seller as the case may be.
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