CPT Chapter Formation of Contract of Sale

 CA CPT Exam  

With Bharat Gelani.Duration:4hrs 01min 

Formation of the Contract of SaleDuration (min:sec)
Definition and Basic Concepts 
Formation of Contract of Sale01:37
Contract of Sale & it's Essentials17:02
What are Goods16:59
What are not Goods10:17
Types of Goods18:18
Other Definition -Buyer & Seller06:56
Hypothecation vs. Pledge vs. Mortgage10:45
Property of Goods09:10
Sale vs. Agreement to Sell13:57
Formalities , Delivery and Similar to Sale 
Formalities of Contract of Sale05:02
Subject Matter of Contract of Sale03:18
Destruction of Goods08:07
Price of Good20:47
Modes of Delivery07:09
Document of Title22:04
Sale vs. Heir Purchase15:00
Sale vs. Bailment09:15
Sale vs. Work Contract02:22



Contract of Sale
Goods, types of Goods & other definitions
Sale vs Agreement to Sell
Formalities of Contract of Sale
Document of Title
Contract similar to sales

Contract of Sale

“a contract of a sale of goods is a contract whereby the seller transfers or agrees to transfer the property in the goods to the buyer for a price”
Essentials Contract of Sales
At least two parties
money(not in kind- No barter) -paid or promised
Transfer of Property
Absolute or Conditional
Other Elements of Valid Contract

Formalities of Contract of Sale

(i) immediate delivery; or
(ii) immediate payment of price, delivery at future date; or
(iii) immediate delivery & immediate payment of price; or
(iv) delivery or payment or both in instalments; or
(v) delivery or payment or both at some future date.

Subject matter of Contract of Sales

(1) must always be goods
(2) May be contingent contracts.
(3) Sale of Future Goods = Agreement to sell and not sale

Destruction of Goods

Destroyed before the contract of sale – Void Contract – Risk with seller
Destroyed after the contract of sale – Valid contract – Risk with buyer

Price of Goods

Monetary consideration (not barter)
Price may be fixed :
Mutually by the parties ex- Purchase of furniture
As per manner provided in contract ex- cost+profit-commission
By Third party - Valuer
Trade usage or course of dealing

1. When not Fixed - resonable price (fact)
2. Third party fails to determine value – Contract becomes Void ,
3. Third party is prevented – default - party liable for damages
4. Goods Delivered – Price not ascertained - buyer pays reasonable price

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