Essential Of Contract Of sale.
A Contract of Sale- The Sale of Goods Act, 1930 primarily deals with the laws, rules and regulations governing the sale of goods in India. When a seller sells goods to a buyer, there may arise a number of complications, disputes, inconsistencies, confusions and miscommunications between them. In order to have a uniform code of law to resolve such issues, the law relating to sale of goods was formed. Definition of Contract of Sale- The contract of sale has been defined u/s 4 of Sale of Goods Act, 1930 as follows: " A 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 may be a contract of sale between one part owner and another." Essential of contract of sale- (1) Valid Contract - A contract of sale must fulfill all the essentials of a valid contract U/S 10 of Indian Contract Act, 1872. Therefore a contact of sale comprises of: (i) Lawful offer by one party; (ii) Lawful acceptan...