Sale of Goods
Sale of Goods
The Sale of Goods Act, 1930 provisions for the setting up of contracts where the seller transfers or agrees to transfer the title (ownership) in the goods to the buyer for consideration. Under the act, goods sold from owner to buyer must be sold for a certain price and at a given period of time.
The definitions as per Section II of the Act are as follows:
A Contract of Sale is an offer to buy for a price, or an offer to sell good for a price, and the acceptance of such offer.
A Contract may provide for the immediate delivery of the goods, or immediate payment of the price, or the immediate delivery of the goods and payment both, or for the delivery or payment by installments, or that the delivery or payment or both shall be postponed.
As per the Section 5 sub-clause (2) - Subject to the provisions of any law for the time being in force, a contract of sale may be made in writing or by word of mouth, or partly in writing and partly by word of mouth or may be implied from the conduct of the parties.
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