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‘