which the essential conditions in contact for sale? Elaborate it?
Answers
Essential Elements of a Valid Contract. All the requirements of a valid contract such as free consent, consideration, competency of the parties, lawful object and consideration must be fulfilled. .
Transfer of Ownership
In a contract of sale, ownership over goods has to be transferred to the buyer by the seller or there should be an agreement to transfer the ownership by the seller to the buyer.
Answer:
1. Essential Elements of a Valid Contract
All the requirements of a valid contract such as free consent, consideration, competency of the parties, lawful object and consideration must be fulfilled. If any of the essential elements of a valid contract is absent, then the contract of sale will not be valid.
2. Two Parties
Another essential element of a contract of sale is that there must be two parties to the contract of sale viz., seller and buyer.
3.goods
There must be some goods as a subject-matter. Goods must be one which is defined as goods in Sec. 2(7) of the Sale of Goods Act. As per the definition given in Sec. 2(7) of the Act, goods means every kind of movable property and it includes
4.Transfer of Ownership
In a contract of sale, ownership over goods has to be transferred to the buyer by the seller or there should be an agreement to transfer the ownership by the seller to the buyer.
The property in the goods means “all ownership rights” of the goods. In a contract of sale, all the ownership rights of the goods must be transferred by the seller to the buyer. However, the physical delivery of the goods is not required.
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