ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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true
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false
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Either A or B
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None of the above
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Detailed explanation-1: -All essentials of a Valid contract: A contract of sale is a special type of contract, therefore, to be valid, it must have all the essential elements of a valid contract, viz., free consent, consideration, competency of contracting parties, lawful object, legal formalities to be completed, etc.
Detailed explanation-2: -The consideration for contract of sale may be in money or partly in money and partly in goods. In this case, the seller has agreed to transfer the property in goods in consideration of partly in money and partly in goods. So, it is a contract of sale.
Detailed explanation-3: -(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 price. There may be a contract of sale between one part-owner and another. (2) A contract of sale may be absolute or conditional.
Detailed explanation-4: -Detailed Solution. Condition, as to free from encumbrances, is not an implied condition in a contract of sale. Conditions and warranties may be express or implied. Express conditions and warranties are which, are expressly provided in the contract.