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Business Regulatory Framework by Purnakam Dash

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15

Formation of a Contract of Sale

CHAPTER OBJECTIVES

After carefully reading this chapter, you will be able to:

  • Clearly understand the meaning of contract of sale.
  • Describe the essential elements of contract of sale.
  • Distinguish between a sale and an agreement to sell.
  • Differentiate between a sale and a hire-purchase agreement.
  • Describe various types of goods.
  • Understand price and the modes of fixing the price.
MEANING OF CONTRACT OF SALE

The sale of goods is the most common transaction in all commercial contracts. Originally, the law relating to sale of goods was included in Chapter VII of the Indian Contract Act. But, due to the development and complexities of modern business, the need for a special act was felt and the Indian Sale of ...

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