Features of a Contract of Sale of Goods
1. There must be an agreement to transfer property in goods.
2. The property may be transferred immediately or it may be agreed to be transferred later.
3. There must be a buyer and a seller.
4. There is money consideration called the price.
A contract of sale may be made orally, or may be implied from the conduct of the two parties from the conduct of the two parties. It can also be in writing or partly in writing with or without seal.
Elements of a Valid Contract of Sale
The sale of goods Act specifies that two important elements must exist in a contract of sale; namely:
2. The price (monetary consideration)