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Which of the following is not an essential element of a contract to sale?
- a)Existence of essential elements of a valid contract
- b)Payment of price at the time of contract
- c)Subject matter of contract must be goods
- d)Two parties i.e. seller and buyer.
Correct answer is option 'B'. Can you explain this answer?
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Which of the following is not an essential element of a contract to sa...
Essential Elements of a Contract of Sale
A contract of sale is an agreement between two parties, wherein one party (seller) agrees to transfer ownership of goods to the other party (buyer) for a price. The essential elements of a contract of sale are as follows:
1. Two parties: A contract of sale requires two parties, namely the seller and the buyer.
2. Offer and acceptance: There must be an offer made by the seller and acceptance by the buyer. Both parties must agree to the terms and conditions of the contract.
3. Consideration: Consideration refers to the price that the buyer agrees to pay to the seller in exchange for the goods.
4. Capacity to contract: Both parties must have the capacity to enter into a contract. This means that they must be of the legal age, sound mind, and not disqualified by law.
5. Free consent: The consent of both parties must be free from coercion, undue influence, fraud, misrepresentation, or mistake.
6. Object: The subject matter of the contract must be goods. Goods refer to movable property that is capable of being bought and sold.
7. Intention to create legal relations: The parties must have the intention to create legal relations. This means that they must intend to be legally bound by the terms and conditions of the contract.
Why Option 'B' is not an Essential Element of a Contract of Sale?
Option 'B' states that payment of price at the time of contract is an essential element of a contract of sale. However, this is not entirely true. While it is true that consideration is an essential element of a contract of sale, it is not necessary for the payment to be made at the time of contract. The parties may agree on a deferred payment or payment in installments.
Thus, Option 'B' is not an essential element of a contract of sale because the time of payment can be agreed upon by the parties and may not necessarily be at the time of contract.
A contract of sale is an agreement between two parties, wherein one party (seller) agrees to transfer ownership of goods to the other party (buyer) for a price. The essential elements of a contract of sale are as follows:
1. Two parties: A contract of sale requires two parties, namely the seller and the buyer.
2. Offer and acceptance: There must be an offer made by the seller and acceptance by the buyer. Both parties must agree to the terms and conditions of the contract.
3. Consideration: Consideration refers to the price that the buyer agrees to pay to the seller in exchange for the goods.
4. Capacity to contract: Both parties must have the capacity to enter into a contract. This means that they must be of the legal age, sound mind, and not disqualified by law.
5. Free consent: The consent of both parties must be free from coercion, undue influence, fraud, misrepresentation, or mistake.
6. Object: The subject matter of the contract must be goods. Goods refer to movable property that is capable of being bought and sold.
7. Intention to create legal relations: The parties must have the intention to create legal relations. This means that they must intend to be legally bound by the terms and conditions of the contract.
Why Option 'B' is not an Essential Element of a Contract of Sale?
Option 'B' states that payment of price at the time of contract is an essential element of a contract of sale. However, this is not entirely true. While it is true that consideration is an essential element of a contract of sale, it is not necessary for the payment to be made at the time of contract. The parties may agree on a deferred payment or payment in installments.
Thus, Option 'B' is not an essential element of a contract of sale because the time of payment can be agreed upon by the parties and may not necessarily be at the time of contract.
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Which of the following is not an essential element of a contract to sa...
Payment depends on contracts if it's a agreement to sale usually buyers won't pay total amount of price hence the condition fails so the answer is b
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Which of the following is not an essential element of a contract to sale?a)Existence of essential elements of a valid contractb)Payment of price at the time of contractc)Subject matter of contract must be goodsd)Two parties i.e. seller and buyer.Correct answer is option 'B'. Can you explain this answer?
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