give a short note Agreement to sale
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Answer:
The basis of Indian society is a contract. The very foundation of Indian society was based on the Social Contract Theory. Thus, contracts are the roots of the law which deals with business, transactions of the Indian economy as well as the society. The mother law being the Indian Contract Act 1872, we had derived the Sale of Goods Act 1930. Thus it helps to enhance, encourage and promote business transactions where the seller transfers or agrees to transfer the title in the goods to the buyer for consideration.
Statutory Provision that draws the difference between Sale & Agreement To Sell
One of the foundation concepts in the Sale of Goods Act 1930, is the sale and an agreement to sell. Section 4 of the Sale of Goods Act 1930 specifically deals with sale and agreement to sell. It explicitly manages and deals with sale and agreement to sell.
It expresses that:
Firstly, an agreement to sell products is an agreement whereby the merchant moves or consents to move the property in merchandise to the purchaser at a cost. There might be an agreement of offer between one section proprietor and another.
Secondly, an agreement to sell might be total or restrictive.
Thirdly, where under an agreement to sell the property in the merchandise is moved from the seller to the buyer, the agreement is known as a sale, yet where the exchange of the property in the products is to happen at a future time or subject to some condition from that point to be satisfied, the agreement is called an agreement to sell.
Lastly, an agreement to sell turns into a sale when the time slips by or the conditions are satisfied depending upon which the property in the merchandise is to be moved.
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Answer:
When a seller agrees to hand goods that they own over to the buyer in exchange for money, this is called a contract of sale. Once the exchange is completed, it is simply called a sale. Before the sale is completed, but the intention to sell is present, it is known as an agreement to sell.
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