4. Contract of sale

A contract of sale of goods is a contract by which the sellertransfers or agreesto transfer the,property in goods to the buyer for a money consideration,calledthe price.

There may be a contract of sale between one part owner and another.

A contract of sale may be absolute or conditional.

Where under a contract of sale the property in the goods is transferred from the seller to the buyer the contract is called a sale.

Where under a contract of sale the transfer of the property in the goods is to take place at a future time or subject to some condition later to be fulfilled the contract is called an agreement to sell.

An agreement to sell becomes a sale when the time elapses or the conditions are fulfilled subject to which the property in the goods is to be transferred.