, pub-2782336357453463, DIRECT, f08c47fec0942fa0

Sales and Personal Property

A sale is the transfer of the title in the subject matter of the property from the vendor to the vendee in consideration of a certain money price. Sale of personal property is governed by the same principles of the law of contracts.

There are three elements that make a sale valid. They are: the subject matter of the sale, the price and the mutual consent of the parties who are competent to enter into a contract. The subject matter of the sale must be capable of delivery at the time of sale. The price must be a definite sum or be capable of determination. The general rule is that the parties can agree upon any price they choose. However, it should not be too exorbitant to attract the statute of frauds. The sale is not complete without the mutual consent of the contracting parties.