Full legislation
s.3
Sale and agreement to sell
(1)
A contract of sale of goods is a contract whereby the seller transfers or
agrees to transfer the property in goods to the buyer for a money consideration,
called the price. There may be a contract of sale between one part owner and
another.
(2)
A contract of sale may be absolute or conditional.
(3)
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; but where the transfer of
the property in the goods is to take place at a future time or subject to some
condition thereafter to be fulfilled, the contract is called an agreement to
sell.
(4)
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.