Answer to Question #236719 in Management for Jack Patz

Question

Explain Lien under Contract Act, 1872 and Sale of Goods Act, 1930 along with respective examples.

Answer 1

The lien under Contract Act, 1872 and Sale of Goods Act, 1930 entails legal right that is put against an asset, which is utilized as a collateral for a given debt. Based on the Sales of Goods Act 1930, the execution of sales contract is stipulated under chapter IV from Section 31 to Section 44, which outlines how assets can be displaced and how their possession can be transferred from one individual to another with their consent. In this case, both the parties, the seller and the buyer must engage in a voluntary business