Essentials to Contract of Sale
Introduction;-
Sales of Goods Act deal with all those agreements and contracts in which the transfer of moveable property from one person to another takes place. There occur numerous contracts for the sale of goods in which either the goods are delivered immediately or they are delayed to a certain date. These two possibilities are explored in this Act under two different topics which are 'Sale & Agreement to Sell'.
Contract of Sale
Under Section#4(1) of Sale of Goods Act, "A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to buyer for a price."
Essentials to Contract of Sale
From the definition of 'Sale' mentioned above, we draw a list of its essentials;
1)Two Parties;-
There must have been two different persons or parties known as buyer and the seller. One person cannot sale and buys from himself.
2)Saleable Property in Goods;-
The property must be saleable which better is to be in goods. As far as 'Goods' are concerned, that may include every moveable property other than actionable claims and money; even electricity, water, gas, stock and shares, growing crops are included in moveable property.
3)Transfer of Goods;-
The seller must have transferred the possession of the goods sold to the buyer.
4)Reception of Price;-
The buyer must have paid the seller for the goods he bought from him.
5)Essential elements of a valid contract;-
In addition to the aforesaid specific essential elements,all the essential elements of a valid contract as specified under Section 10 of Contract Act,1872 must also be present since a contract of sale is a special type of a contract.
