Question

What is Contract of sale?

(Please write in around 300 words)

Answer 1

Ans: A Contract of sale is an agreement between two parties Seller and buyer where Sellers agrees to transfer the ownership in the goods to the buyer and buyer in consideration of goods pay value in money to the seller. The contract of sale is sometimes conditional or unconditional based upon the understanding between the parties .

Important thigns that should be involved in contract of sale are Seller, Buyer, Goods , Sale, Price which is value for money

Example. ABC Inc. entered into contract with R an individual to sell a Car for $ 20,000. Here ABC Inc is seller, R is buyer, Goods are Car, $20,000 is the consideration for sale. Agreement between them to sell is transfer of ownership