Question 17 of 22
Q.What is a contract of Sale of goods?
Tamil Nadu DgeTamil Nadu HSC (DGE) Commerce Board 2023Subjective· 2mImportance★★★★★
77% · 17/22 Questions
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Start your 14-day free trial to unlock the full solution →A Contract of Sale of Goods (Sec. 4, Sale of Goods Act 1930) is a contract by which the seller transfers, or agrees to transfer, ownership in goods to the buyer for a price.
As defined in Section 4 of the Sale of Goods Act, 1930, 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." Two situations are covered:
- Sale – where ownership passes to the buyer at once (an executed contract).
- Agreement to sell – where ownership is to pass at a future time or on fulfilment of a condition (an executory contract). …
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