📝 One-liners · 66 cards
CONTRACT OF SALE
What is a 'contract of sale' under the Sale of Goods Act, 1930?
A contract of sale is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price, encompassing both a 'sale' and an 'agreement to sell'.
What are the essential elements of a valid contract of sale under the Sale of Goods Act, 1930?
Competent parties, goods, price, and transfer of ownership.
What is the key distinction between a 'sale' and an 'agreement to sell' under the Sale of Goods Act?
In a 'sale', property in goods passes to the buyer immediately, whereas in an 'agreement to sell', the transfer of property is to take place at a future time or subject to conditions to be fulfilled.
Can a contract of sale be made orally or must it be in writing?
It can be oral, written, or partly both; no specific form required.
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