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Standard XII
Legal Studies
Question

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Example: State whether the seller is an unpaid seller or not in each of the following alternative cases:
Case (a) X sold some goods to Y for Rs. 10,000. Y paid Rs.9,900 but failed to pay the balance.
Case (b) X sold some goods to Y for Rs. 10,000 and received a cheque for the full price as conditional payment. On presentment, the cheque was dishonoured by the Bank.
Case (c) X sold some goods to Y for Rs. 10,000 on a credit of one month. One month has not yet expired.
Case (d) X sold some goods to Y for Rs. 10,000 on a credit of one month and one month has expired and the price remains unpaid.
Case (e) X sold some goods to Y for Rs. 10,000 on a credit of one month. Y became insolvent during the period of credit.

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Solution:
Case (a): X is an. unpaid seller because the full price has not been .paid.
Case (b): X is an unpaid seller because the cheque received as conditional payment has been dishonoured.
Case (c): X is not an unpaid seller because the credit period has not yet expired and the buyer has not yet become insolvent.
Case (d): X is an unpaid seller because the price remains unpaid even after the expiry of credit period.
Case (e): X is an unpaid seller because the buyer has become insolvent

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Similar Questions
Q1
solve:
Example: State whether the seller is an unpaid seller or not in each of the following alternative cases:
Case (a) X sold some goods to Y for Rs. 10,000. Y paid Rs.9,900 but failed to pay the balance.
Case (b) X sold some goods to Y for Rs. 10,000 and received a cheque for the full price as conditional payment. On presentment, the cheque was dishonoured by the Bank.
Case (c) X sold some goods to Y for Rs. 10,000 on a credit of one month. One month has not yet expired.
Case (d) X sold some goods to Y for Rs. 10,000 on a credit of one month and one month has expired and the price remains unpaid.
Case (e) X sold some goods to Y for Rs. 10,000 on a credit of one month. Y became insolvent during the period of credit.
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Q2
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Example State whether a tight of lien can be exercised in each of the following alternative cases:
Case (a) X sold goods to Y for Rs. 10,000 without any stipulation as to credit and the price remains unpaid:
Case (b) X sold goods to Y for Rs. 10,000 on a credit of 1 month and the period of credit has expired.
Case (c) X sold goods to Y for Rs. 10,000 on a credit of 1 month and Y became insolvent during the period of credit.
Case (d) X of Delhi, sold goods to Y of Mumbai for Rs. 10,000 and delivered the same to the railway for the purpose of transmission to the buyer. The railway receipt was taken in the name of Y and sent to Y.
Case (e) X sold goods to Y for Rs. 10,000 and Y's agent lawfully took the delivery of goods.
Case (f) X sold goods to Y for Rs. 10,000 and expressly waived his. right of lien.
Case (g) X sold 10 tons of wheat to Y for Rs. 1,00,000 and Y resold 8 tons of wheat out of 10 tons to Z. Y instructed X to deliver 8 tons of wheat to. Z. Y then became insolvent.
Case (h) X of Delhi sold some goods to Y of Mumbai and took the railway receipt to his own name and sent the railway receipt to. his agent,
Case (i) X of Delhi sold some goods to Y of Mumbai and took the railway receipt in the name of Y and it was sent by X to his agent.
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Q3
Anil, brother of Sunil sold goods to Suraj for Rs.10,000 and drew a bill upon him payable after 3 months. In this case, the drawee is/ are .
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Q4

On 1st Jan, 2017 X sold goods to Y for Rs 10,000 on credit basis. On the same date X drew a bill for Rs 10,000 on Y at two months. Y accepted the bill and returned it to X. On the due date Y could not honor acceptance. What is the journal for recording the dishonor of a bill?


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Q5
Goods were sold on credit basis to Mr. Ram for Rs 10,000. It will be recorded in _______________.
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