What is Contract of Sale of goods:

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 can be a contract of sale between one part-owner and another.

In other words, under a contract of sale, a seller (or vendor) in the capacity of the owner, or part-owner of the goods, transfers or agrees to transfer the ownership in goods to the buyer (or purchaser) for an agreed upon value in money (or money equivalent), called the price, paid or the promise to pay same.

Essentials elements of a Contract of Sale:

The following six features are essential elements of any contract of sale of goods.

• Goods
• Price
• Two parties
• Transfer of ownership
• All Essentials of a Valid Contract of Sale
• Includes both a ‘sale‘ and ‘an agreement to sell‘