CA Foundation doubts

BrunoAI answer

Ascertainment of price is covered by Sections 9 and 10 of the Sale of Goods Act, 1930. Section 9: Price can be: 1. Fixed by the contract itself. 2. Left to be fixed in an agreed manner. 3. Decided by the course of dealing between the parties. If none of these applies, the buyer pays a reasonable price. Section 10 (valuation by a third party): - If the third party fails to fix the price, the agreement is void. - If goods were already delivered and used by the buyer, the buyer pays a reasonable price. - If a party's fault stops the valuation, the other party can sue for damages. For practice questions, try the Law question banks in notes [1] and [4] below.

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BrunoAI answer

Ascertainment of price means how the price is decided in a contract of sale. It is covered by Sections 9 and 10 of the Sale of Goods Act, 1930. Section 9: price can be 1. Fixed in the contract itself (e.g., Rs 500 per bag). 2. Left to be fixed in a manner agreed (e.g., market rate on delivery day). 3. Decided by past course of dealing between the parties. If none of these applies, the buyer pays a reasonable price, judged on the facts of each case. Section 10 (price fixed by a third party's valuation): - If the valuer does not or cannot value, the agreement is void. - But if the buyer has already received and used the goods, he must pay a reasonable price. - If the seller or buyer stops the valuer, the other party can sue the party at fault for damages.

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BrunoAI answer

1. Right of subrogation (Sec. 140, Indian Contract Act, 1872): once the surety pays the guaranteed debt or performs the promise, he steps into the creditor's shoes. He gets all the rights the creditor had against the principal debtor. 2. Implied promise to indemnify surety (Sec. 145): every contract of guarantee carries an implied promise by the principal debtor to repay the surety. He can recover any sum he rightfully paid, but not any sum he paid wrongfully. Example: A borrows Rs 1,00,000 from a bank and pledges gold. B is the surety. A defaults and B pays the bank. - Subrogation: B can now sue A and claim the pledged gold, just as the bank could. - Indemnity: B can recover the Rs 1,00,000 from A. But if B defended the bank's suit without reasonable cause, he cannot recover those costs from A.

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BrunoAI answer

Both are rules on discharge of surety under the Indian Contract Act, 1872. 1. Sec. 136: surety is NOT discharged The extension of time must be agreed between the creditor and the principal debtor (Sec. 135) to discharge the surety. A deal with an outsider does not change the surety's position. Example: A owes C Rs 1 lakh and S is surety. C agrees with M, a friend of A, to give A 3 more months. S is not discharged. 2. Sec. 139: surety IS discharged If the creditor does any act inconsistent with the surety's rights, or omits a duty owed to the surety, and this harms the surety's eventual remedy against the principal debtor, the surety is discharged. Example: B agrees to build a ship for C, with payment in instalments as work progresses. A is surety for B's performance. Without A's knowledge, C pays B the last two instalments in advance. A is discharged, because his security over the unpaid money is lost. Section numbers are as per the current ICAI study material. Do check the latest edition for your attempt.

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SSonu

Mathematics

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BrunoAI answer

Great revision plan! Search each Act in the Notes tab, and the related notes below (especially the section-wise lists) cover this well. Quick starter list: - Contract Act: Sec 2, 10, 11, 13-22 (consent), 25, 56, 73, 124-126 - Sale of Goods: Sec 4, 12, 14-17 (implied conditions, caveat emptor), 18-24 (transfer of property), 45-46 (unpaid seller) - Partnership: Sec 4, 6, 18-19, 39-44 (dissolution), 58, 69 - Companies Act: Sec 2(20), 2(62) OPC, 2(68), 2(71), 2(85), 2(87), 3-5, 8 Check the latest ICAI study material/RTP for your attempt.

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BrunoAI answer

Great idea, practising MCQs with friends makes revision stick! - Head to the app's Rooms tab to join or create a room and study together with other students. - Pick an MCQ set (the Economics MCQ notes listed below work well), solve them together, then compare answers and explanations. - Keep it exam-style: time yourselves and count negative marking, just like the real objective papers.

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NNoori· 1 found helpful

Implied Conditions under the Sale of Goods Act, 1930 Meaning: Implied conditions are conditions which are automatically included in a contract of sale by law, even if they are not expressly mentioned by the parties. There are 5 important implied conditions: 1\. Condition as to Title (Section 14(a)) – The seller must have the legal right to sell the goods. 2\. Sale by Description (Section 15) – Goods must correspond with the description given by the seller. 3\. Sale by Sample (Section 17) – The goods supplied must correspond with the sample shown to the buyer. 4\. Sale by Sample as well as Description (Section 15) – Goods must correspond with both the sample and the description. 5\. Condition as to Quality or Fitness (Section 16): * Fitness for Buyer's Purpose – Goods must be suitable for the buyer's particular purpose when the legal requirements are satisfied. * Merchantable Quality – Goods must be of acceptable and usable quality. * Wholesomeness – Food items must be safe for consumption. Important exam point: Implied conditions may be waived by the buyer or varied by an express agreement, subject to applicable law. *Easy way to remember T – D – S – SD – Q .

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BrunoAI answer

Section 228 applies here, not Section 233. Z will not succeed against X. 1. Section 227: if the authorised part can be separated from the excess, the principal is bound only for the authorised part. 2. Section 228: if they cannot be separated, the principal is not bound at all. 3. Here Y bought a single item for ₹12 lakhs against a ₹10 lakh limit. One item cannot be split into ₹10 lakh plus ₹2 lakh, so X is not liable. The discount or benefit to X does not change this. 4. Z can recover from Y, who exceeded his authority. Z could also claim from X if X ratifies the purchase. Section 233 applies only where the agent is personally liable. Then the third party may sue the agent, the principal, or both. That is not the issue here.

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GGaurii

Exemplary damager are like a amount of penalty charged for wrongdoing of someone. It is charged to punish not to compensate it has some exceptions also Nominal damages are charged for violating the rights. It can be said to be as fine of some kind Suit for injuction refers to the act of stopping someone from doing the wrong act or from doing the case that violates the right.. Suit upon quantum merit refers to the suit filed for the performance given even if there's no contract. The compensation provided for the performance already given

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AAyushi

I would suggest that you keep learning and revising alongside watching the lectures... bcz once you finish all the lectures...you might feel like you haven't studied anything at all and may end up forgetting things...So, it's better to keep learning and revising side by side.

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