Section 4: Sale and agreement to sell

The Sale of Goods Act, 1930

Chapter-II
Formation of the Contract
Contract of sale

Section 4: Sale and agreement to sell.

4. (1) 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 price. There may be a contract of sale between one part-owner and another.

(2) A contract of sale may be absolute or conditional.

(3) 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.

(4) 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.


 

Bare Acts: Click here for Category wise Insolvency & Bankruptcy Code, 2016, Chapter wise Companies Act, 2013, Arbitration Act and other bare acts. Click here for Rules & Regulations. Click here for Notifications & Circulars.

Disclaimer: Please refer original contents.