THE SALE OF GOODS ACT 1930
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Sale and Agreement to sell
Sale: In Sale, the property in goods is transferred rom seller to the buyer immediately. "where under a contract of sale the property in the goods is transferred from the seller to the buyer, the contract is called a sale." .Agreement to Sell: In an agreement to sell, the ownership of the goods is not transferred immediately. It js intending to transfer at a future date upon the completion of certain conditions thereon.as - "where the transfer of the property in the goods is to take place at a future time or subject to some condition thereafter to be ful lled, the contract is called an agreement to sell."
When agreement to sell becomes sale: An agreement to sell becomes a sale when the time elapses or the conditions are fulfilled subject to which the property in the goods is to be transferred The following elements must co-exist so as to constitute a contract of sale of goods under the Sale of Goods Act, 1930: (i) There must be at least two parties, the seller and the buyer. (ii) The subject matter of the contract must necessarly be goods covering only movable property. It may be either existing goods, owned or possessed by the seller or future goods.
. (i) A price in money (not in kind) should be paid or promised. But there is nothing to prevent the consideration from being partly in money and partly in kind (iv) A transfer of property in goods from seller to the buyer must take place. The contract of sale is made by an offer to buy or sell goods for a price by one party and the acceptance of such o er by other. v) A contract of sale may be absolute or conditional. (vi) All other essential elements of a valid contract must be present in the contract of sale, e.g. competency of parties, legality of object and consideration etc. .
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