contract of sale


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It is one of the business legislation topic which comes under sale of goods act,1930

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contract of sale

  1. 1. PRESTIGE INSTITUTE OF MANAGEMENT Presentation on Contract of salePresented to:-Prof. Richa BanerjeePresented by:-Radhika ShandilyaAnnie JetwaniRitu Agarwal
  2. 2. Contract of SaleSection 4 (1) of the Sale of Goods Act, 1930 defines the term as 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
  3. 3. Essentials of Contract of Sale There must be at least two parties The subject matter of the contract must necessarily be goods A price in money (not in kind) should be paid or promised A transfer of property in goods from seller to the buyer must take place A contract of sale must be absolute or conditional All other essential element of a valid contract must be
  4. 4. Characteristics…… •Buyer and seller:-The person who buys the goods or makes an agreement to buy is called the buyer. & the person who sells the goods or makes an agreement to sell is called the seller •Goods:- The subject matter of the contract of the sale is essential the goods are movable property other than the actionable claim and money • Price:- Goods are always sold for a price •Transfer of ownership:- The transfer of ownership can be at the time of making the contract or it can be at future date
  5. 5. Sale:- Acc. to Section 4(3) of the Sale of Goods Act, 1930 as- “where under acontract of sale the property in the goods is transferred from the seller to the buyerAgreement to Sell:- Acc. To section 4(3) of the Sale of Goods Act,1930where under the contract of sale the transfer of property in the goods is to take place ata future time or subject to some condition thereafter to be fulfilled
  6. 6. Diff. between Sale & Agreement to SaleBasic of diff. Sale Agreement to sellTransfer of ownership The ownership of The ownership of goods is transferred to goods is not the buyer at the time transferred to the of contract is made buyer at the time of contract but laterRight of usage The buyer has the It is only a contract rights to use the goods b/w the buyer, it is he buys done only the goods is transferredConsequences of The seller can sue the Seller can sue only forbreach buyer for payment damagesRisk of loss Any loss against the Any loss against the goods is bear by buyer goods is bear by seller
  7. 7. Contract of sale v/s othercontract Sale v/s barter:- when goods are exchanged for goods is known as barter deal. A sale implies reimbursement for goods sold in terms of money, so in this case barter deal is not a sale Sale v/s gift:- in case of gift the transfer of ownership does not involve any kind of expense Sale v/s bailment:- the buyer acquires the possession of goods from the seller but does not become the lawful owner of the goods, in bailment one person is the bailor who give the possession of the goods to another for a specific objective, after fulfill the objective the bailee is bound to return the goods back to bailor
  8. 8. Types of goods… Goods Future goods Contingent Existing goods goods Specific Generic goods goods
  9. 9.  Existing goods:- These are those goods that are owned by seller at the time of making the contract- Specific goods:- These are those goods that are identified by both the parties- Generic goods:-Existing goods that have not been specifically identified by the parties Future goods:- Goods that are not in the possession of the seller at the time of the contract Contingent goods:- These are same future goods, the acquisition of which by the seller is dependent on a contingency which may or may not happen
  10. 10. THANKYOU!!!!!
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