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.

1. Goods
2. Price
3. Two parties
4. Transfer of ownership
5. All Essentials of a Valid Contract of Sale
6. Includes both a ‘sale‘ and ‘an agreement to sell‘