An agreement between a buyer and a seller is a contract of sale. The seller promises to sell or deliver something to a buyer for a certain price that the buyer agrees to pay. This contract ensures the transfer of ownership when the seller delivers and the buyer pays. An invoice is an example of a contract of sale. Now that you know what is contract of sale, let me tell you about its essentials elements:
Essential Elements of Contract of Sale: Two Parties:When two parties deal with each other, a contract of sales is created. It should be bilateral, meaning that goods specified in the contract pass from one party to another party.
Items/Goods to be sold:The contract of sale should clearly specify the items/goods involved in the transaction. Every type of movable goods excluding services can be considered for the contract of sale.
Price:Price of the item/good being sold is one of the most essential elements of the contract of sale, and it should be clearly specified in the contract. Parties cannot change the price of goods once the contract is written.
Transfer of ownership:After the buyer pays the mentioned price to the seller, the ownership of goods is transferred to the new owner.
All essential of a valid contract of sale:All essential elements of a contract of sales including consideration, free consent, competency of contracting parties, lawful objects, etc. are required to be specified in the contract of sale.
Agreement to sell:A contract of sale includes an agreement between the buyer and seller to sell goods. The agreement specifies every condition of the contract of sale.
Read what is sale agreement
I hope now you know what is contract of sale.
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What is contract of sale?
Jiya
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2021-09-17T17:07:19+00:00 2021-09-21T15:25:23+00:00Comment
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