Contracts:

1.
Partnership relation arises from Contract.
2.
Goods which are owned or possessed by the seller at the time of
contract of sale are called existing goods.
3.
Sale by Auction is a public sale where many buyers try to outwit each
other.
4.
Caveat Emptor Let the buyer beware.
5.
Nemo Dat Quid non habet No one can convey the better title to
another than what he has.
6.
Warranty is a stipulation collateral to main purpose of contract of sale
the breach of which gives aggrieved party right to sue for damages.
7.
CIF stands for Cost, Insurance and Freight.
8.
Condition is a stipulation essential to main purpose of contract of sale
the breach of which gives aggrieved party the right to repudiate the
contract.
9.
Subject matter of contract of sale is movable goods.
10. Which of the following is a document of title of goods? Bill of lading,
Railway Receipt, Receipt of warehouse etc.
11. Rights of unpaid seller against the buyer are all - lien, stoppage of
resale of goods, Stoppage of goods in transit.
12. When buyer has become insolvent unpaid seller can exercise
stoppage of goods in transit.
13. Registration of partnership is optional.
14. Complete breakdown of partnership is called dissolution of firm.
15. Law of partnership is an extension to law of agency.
16. Minors position in a partnership is for the benefits of the partnership
only
17. Liability of a partner is joint and several or each partner is liable
jointly with all other partners and also liable severally for all acts of
the firm done while he is partner.
18. An authority is said to be implied when it is inferred to from
circumstances.
19. In case of breach of condition the buyer can repudiate the contract in
breach of warranty buyer can claim damages.
20. In a sale the title on the goods passes immediately.
21. One of the Partners of mutual agreement partnership wanted to
dissolve the firm. Can he dissolve? NO