Section 43 : Price of goods to be paid

Except when otherwise provided for in the contract, the price of goods must be fully paid as follows in the following circumstances:

(a) A buyer shall pay the seller the price of goods bought by him/her at the time of buying them.

(b) The price of goods shall be paid in cash.

(c) The contract shall be deemed to have been concluded with a provision to pay the price and hand over the goods simultaneously.

Explanation: For the purpose of this Section, the term ‘cash’ includes cheques, traveller’s cheques, promissory notes, bills of exchange, letters of credit, bank drafts, credit cards and telegraphic transfers payable through the bank.