The essential element of Sales of Goods is Price.

Explanation:
- The Sales of Goods refers to the transfer of ownership of goods from one person to another in exchange for a price.
- It is a contract where one party agrees to sell and deliver goods, and the other party agrees to pay the price for those goods.
- Price is the essential element of a sales contract as it determines the value of the goods being sold and forms the consideration for the contract.

Importance of Price:
- Price indicates the value of the goods and determines the amount that the buyer must pay to acquire ownership of the goods.
- It reflects the mutual agreement between the buyer and the seller regarding the value of the goods and the terms of the transaction.
- The price also serves as the basis for any legal disputes or claims related to the sales contract.

Other Elements:
While price is the essential element of a sales of goods contract, there are other elements that are also important and necessary for a valid contract. These include:

1. Promise to Produce: The seller must promise to produce or deliver the goods as per the terms of the contract. This promise creates an obligation on the seller to transfer the ownership of the goods.

2. Transfer of Possession: The goods must be physically transferred from the seller to the buyer. The buyer must have actual or constructive possession of the goods to complete the sale.

However, while these elements are important, they are not sufficient on their own to constitute a sales contract. The presence of a price is necessary to distinguish a sales contract from other types of contracts, such as contracts for services or gifts.