Q define sale and agreement to sell and differentiate salient feature
Q what are the essential requisite of sale? under sales of goods act.
Essential of sale
Contract of sale: a contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price. There may be a contract of sale between one part owner and another, section 4 clause 1. In general it is a contract by which the ownership of movable goods is transferred from seller to the buyer. A contract of sale may be absolute or unconditional.
The term contract of sale is a generic term. It includes an agreement to sell as well as a sale, formerly known as a bargain and sale. Sale is, where property in goods is transferred to the buyer and agreement to sell is where property in good is not yet transferred to buyer. A contract of sale may be executed or executory. When it is executed it is a sale; when it is executory it is an agreement to sell.
Formation of contract of sale: A contract of sale is made by an offer to buy or sell gods for a price and the acceptance of such offer. It may be oral or in writing or may even be inferred from conduct of parties, but it must of necessity originate in offer and acceptance. If there is an offer to buy and sell unaccompanied by a quotation of price, its acceptance does not constitute a contract of sale. There must be acceptance both of purchase and the price at which it is purchased.
Essentials of contract of sale:
Follow up from sualiha book…..
Sale and agreement to sell features
Contract of sale: a contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price. There may be a contract of sale between one part owner and another, section 4 clause 1. In general it is a contract by which the ownership of movable goods is transferred from seller to the buyer. A contract of sale may be absolute or unconditional.
The term contract of sale is a generic term. It includes an agreement to sell as well as a sale, formerly known as a bargain and sale. Section 4 of clause 3 defines both of them in following words:
Sale: 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: 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 fulfilled, the contract is called an agreement to sell. 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.
Distinction between a sale and agreement to sell:
From guide book pg no. 18
From sualiha book pg n.o 146
