Lien is a right of an unpaid seller to retain possession of goods, and it can be exercised under specific circumstances, including when the goods have been sold without any stipulation as to credit.
Assertion [A]: Lien is the right to retain possession of goods and refuse to deliver them to the buyer until the price due in respect of them is paid or tendered. Reason [R]: An unpaid seller in possession of goods is entitled to exercise his lien on the goods where the goods have been sold without any stipulation as to credit.
Asked in Paper I 4 · Topic: Nature of Indian Economy (Openness of Economy and Integration with Global Markets)
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Answer: C. Both [A] and [R] are correct and [R] is the correct explanation of [A]
More Economic Development questions
- Assertion [A]: 'Goods' means every kind of movable property including actionable claims and money and excludes stock and shares, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before sale or under contract of sale. Reason [R]: Above principle is laid down in Section 2(7) of the Sale of Goods Act, 1930.
- X sold goods to Y. The payment was to be done after one month. Y did not make payment. The right of lien can be exercised by X when the goods are: (i) Handover to the carrier (ii) Not handed over to anyone (iii) Delivered to Y (iv) Either (ii) or (iii)
- The court can award interest to the seller under section 61 of the Sale of Goods Act, 1930, from: (i) The date on which price was payable (ii) The date of tender of the goods (iii) The date when seller intimates the buyer that goods are dispatched (iv) Either (i) or (ii)
- Where the seller is ready and willing to deliver the goods, and requests the buyer to take delivery, but the buyer fails to do within a reasonable time, the seller is entitled to claim from the buyer: (i) Any loss caused by the delay (ii) Reasonable charges for the care and custody of the goods (iii) Either (i) or (ii) (iv) Both (i) and (ii)
- Which of the following country has replaced China as the top retail destination in 2017?
- Which of the following statements is/are correct? I. A closed economy is an economy that does not participate in international trade, i.e., it does not import goods and services or export goods and services to another country. II. A closed economy grows faster than open economies as all goods must be produced and consumed from within the country. III. There is no closed economy that today, but some countries use protectionist policies to restrict trade, making them more closed than others. Select the correct answer using the codes given below.
- Which of the following statements is/are correct? I. A closed economy is an economy that does not participate in international trade, i.e., it does not import or export goods and services to/ from another country. II. A closed economy grows faster than open economies as all goods must be produced and consumed from within the country. III. There is no closed economy that exists today, but some countries use protectionist policies to restrict trade, making them more closed than others. Select the correct answer using the codes given below.
- Recommendations of which of the following Committees are followed for estimating Poverty Line in India?