Sale and agreement to sell
6 Sale and agreement to sell
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 money consideration called the price. There may be a contract of sale between one part owner and another.
A contract of sale may be absolute or conditional.
Where under a contract of sale the property in the goods is transferred from the seller to the buyer the contract is called a sale; but where the transfer of the property in the goods is to take place at a future time or subject to some condition thereafter to be fulfilled the contract is called an agreement to sell.
An agreement to sell becomes a sale when the time elapses or the conditions are fulfilled subject to which the property in the goods is to be transferred.
No. 3694 s. 7.
S. 7 amended by Nos 9075 s. 5(1), 9427 s. 5(Sch. 4 item 4).
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