Question

clearly discuss the common law duties seller and purchaser in the contract of purchase and sale

Answer 1

Answer:-

The common law duties seller and purchaser in the contract of purchase and sale are given below:

It is the duty of the seller to deliver the goods and the purchaser to accept and pay for them, in accordance with terms of contract of sale(sec.31).

Unless otherwise agreed delivery of the goods and payment of price are concurrent conditions; that is to say that seller shall be ready and willing to give possession of the goods to the purchaser in exchange of the price and the purchaser shall be ready and willing to pay the price in exchange of possession of the goods(sec.32).

The seller of goods has a duty of giving delivery according to the terms of the contract and according to rules contained in the Sale of Goods Act.

Buyers of goods has following duties:-

1. He must pay the price according to the terms of contract.

2. If hewrongfully refuses to accept delivery he must pay compensation to the seller

Deli:. Delivery has been defined by the Act as a "voluntary transfer of possession from one person to another"

Duties of the Seller

Selling under a C.I.F. contract is required to fulfill the following obligation:-

1. To make out an invoice of the goods sold in the usual form showing the price of the goods.

2. To ship at the port of shipment goods of the description contained in the contract within the time fixed or within reasonable time if no time is fixed.

3. To arrange for an insurance upon the terms current in the trade which will be available for the benefit of the buyer.

4. To procure a proper contract of affreightment (Bill of lading) under which the goods will be delivered at the destination contemplated by the contract.

Duties of the purchaser

1. He is bound to accept all the complete and regular shipping documents when they are tendered to him.

2. He must pay the price irrespective of the arrival of the goods.He is bound to pay the price even before the arrival of the goods or even if the goods are destroyed because he can claim compensation for the loss in the value of goods from the insurance .

C.I.F.C.I.Cost,Insurance, Freight,Commission, Interest.Where the order for the supply of goods is placed with a commission agent he is entitled to charge his commission for the work done and interest for the time during which the price of goods remain unpaid.

Ex-ship contracts: The ownership in the goods will not pass until actual delivery. It will there be for the seller to insure the goods to protect his interest.Even if the buyer has paid the price against the documents , the buyer does not acquire any interest in the goods.