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Contract of sales of goods is the part of business. by Azeem Ashraf
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Contract of sales of goods is the part of business. |
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Law
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A contract where by the seller transfers or agrees to transfer the property in goods to the buyer for a price. Contract means an agreement enforceable by law. All the essentials of a valid contract should also be present in a contract law of sale like capacity of parties, free consent, legality of object, it may be verbal or in writing. It may be express or implied. There should be two parties to a contract of sale, buyer and seller. One person cannot act as a buyer and seller because a person cannot buy his own goods and similarly a person cannot sell his goods to himself in commercial law. The transfer of property is an essential of the contract of sale. Here, property means ownership. A mere transfer of possession of the goods cannot be termed as sale. In order to constitute a contract of sale is contract law. The seller must either transfer or agree to transfer the property in the goods to buyer. The consideration in a contract of sale must be the price. When goods are sold or exchanged for other goods, the transaction is barter and not a contract of sale of goods for commercial law. If the goods are sold partly for goods and partly for price, it is a contract of sale. The term contract of sale includes both sale and an agreement to sell. When the property in the goods is transferred from the seller to the buyer at the time of formation of contract, the contract is called a sale.
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