Q.State the essential elements of a valid contract of sale.

A contract of sale needs its own specific checklist of features, on top of being a valid contract in the general sense. …

1. Two parties — a seller and a buyer, who must be different persons (though a part-owner can sell to another part-owner).
2. Goods — the subject matter must be goods as defined under the Act.
3. A price — the consideration must be money; barter (goods for goods) and a gift (no consideration) are excluded.
4. Transfer of property, or agreement to transfer property — the purpose of the contract must be to pass ownership, not merely to hand over possession (as in hire or bailment). …

Forgetting that a contract of sale is, first of all, still a contract — so it must also satisfy the general essentials (free consent, capacity, lawful object …