the contract emerge:1.
There must be at least two parties
A sale has to be bilateral because the propertyin goods has to pass from one person to another. The seller and the buyer must bedifferent persons. A person cannot buy his own goods. However, a part-owner may sell toanother part-owner.2.
Transfer or agreement to transfer the ownership of goods
In a contract of sale,it is the ownership that is transferred (in the case of sale), or agreed to be transferred (inthe case of agreement to sell), as against transfer of mere possession or limited interest(as in the case of bailment or pledge).3.
The subject matter of the contract must necessarily be goods.
The sale of immovable property is not covered under Sale of Goods Act. The expression ‘goods’ isdefined in Sec.2(7).4.
Price is the consideration of the contract of sale
The consideration in a contractof sale has necessarily to be ‘money’, (i.e., the legal tender money). If for instance, goodsare offered as the consideration for goods, it will not amount to sale. It will be called a‘barter’.
Payment by installments:
In the case of sale of goods, the parties may agree that theprice will be payable by installments. Also, the terms may stipulate some amount by wayof down payment and the balance by installments.
Sale and agreement to sell
Where under a contract of sale, the property (ownership) in the goods is transferred fromthe seller to the buyer; it is called a sale [Sec. 4(3)]. Thus, sale takes place when there is atransfer of ownership in goods from the seller to the buyer. A sale is an executed contract.
Q3. Describe the main features of Consumer Protection Act 1986.
Ans:- Consumer is at the core of business world in the present day economy. Quantity and
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