Contract of sale

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By: midhunn (36 month(s) ago)

thanks for this wonderful ppt

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Contract Of Sale : 

Contract Of Sale Submitted to:- Manoj Sharma Sir Submitted by:- Reshu - 43 Kartik - 24

Intro…. : 

Intro…. According to Section 4(1) “a contract of sale of goods is a contract whereby the seller transfer or agrees to transfer the property in goods to the buyer for a certain price”

Explanation…. : 

Explanation…. A contract of sale can be absolute or conditional. According to Section 4(3) “when to right of ownership of the goods is transferred from the seller to the buyer under a contract, the transaction is called a Sale. When the transfer of ownership is to be made at some future date , or is to made on the fulfillment of some condition , the contract is called Agreement to Sell.

Characteristics….. : 

Characteristics….. Buyer & Seller:- The person who buys the goods or makes an agreement to buy is called the buyer. & the person who sells 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 moveable property other than actionable claims & 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 a future date.

Diff. b/w Sale & Agreement of sell : 

Diff. b/w Sale & Agreement of sell

Contract of Sale Vs. Other Contract : 

Contract of Sale Vs. Other Contract Sale Vs. Barter:- when goods are exchanged for goods is know 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 Vs. Gift:- in case of gift, the transfer of ownership does not involve any kind of expense. Sale Vs. Bailment:- the buyer acquires the possession of goods from the seller in return for a consideration in money & becomes the lawful owner of the goods, but in bailment one person is the bailor who give the possession of goods to another for a specific objective, after fulfill the objective the bailee is bound to return the good back to bailor

Types of Goods…… : 

Types of Goods……

Slide 8: 

Existing goods:- These are those goods that are owned by seller at the time of making the contract. Specific Goods:- these are those goods which are identified by both parties. Generic Goods:- existing goods that have not been specifically identified by the parties. Future goods:- goods that are not in 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

References…… : 

References…… Business regulatory framework by Dr. Ashok Sharma

THANK YOU : 

THANK YOU