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Which of the following is/are necessary constituent(s) of a contract of sale?
1 . Three distinct parties – seller, buyer and a mediator
2 . Movable goods for a price
3 . Transfer of general property
4 . Exchanging of goods without money
- a)1&2
- b)2&3
- c)2&4
- d)3&4
Correct answer is option 'B'. Can you explain this answer?
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Which of the following is/are necessary constituent(s) of a contract o...
Constituents of a Contract of Sale:
A contract of sale is an agreement between two parties, the buyer and the seller, for the exchange of goods or services for a price. The necessary constituents of a contract of sale are:
1. Seller and Buyer: A contract of sale requires two distinct parties, the seller who sells the goods or services and the buyer who purchases them.
2. Movable Goods for a Price: The subject matter of a contract of sale must be movable goods, such as cars, furniture, clothing, etc., or services for a price. Immovable property, such as land or buildings, cannot be the subject matter of a contract of sale.
3. Transfer of General Property: The seller must transfer the general property in the goods to the buyer. This means that the buyer must acquire the ownership rights and title to the goods, which include the right to possess, use, and dispose of the goods.
Therefore, the correct option is (B) 2 and 3, as they are necessary constituents of a contract of sale. Option (A) is incorrect because a mediator is not necessary for a contract of sale. Option (D) is incorrect because exchanging goods without money is not a contract of sale, but rather a barter transaction.
A contract of sale is an agreement between two parties, the buyer and the seller, for the exchange of goods or services for a price. The necessary constituents of a contract of sale are:
1. Seller and Buyer: A contract of sale requires two distinct parties, the seller who sells the goods or services and the buyer who purchases them.
2. Movable Goods for a Price: The subject matter of a contract of sale must be movable goods, such as cars, furniture, clothing, etc., or services for a price. Immovable property, such as land or buildings, cannot be the subject matter of a contract of sale.
3. Transfer of General Property: The seller must transfer the general property in the goods to the buyer. This means that the buyer must acquire the ownership rights and title to the goods, which include the right to possess, use, and dispose of the goods.
Therefore, the correct option is (B) 2 and 3, as they are necessary constituents of a contract of sale. Option (A) is incorrect because a mediator is not necessary for a contract of sale. Option (D) is incorrect because exchanging goods without money is not a contract of sale, but rather a barter transaction.
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Which of the following is/are necessary constituent(s) of a contract of sale?1 . Three distinct parties – seller, buyer and a mediator2 . Movable goods for a price3 . Transfer of general property4 . Exchanging of goods without moneya)1&2b)2&3c)2&4d)3&4Correct answer is option 'B'. Can you explain this answer?
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