Question

Which of the below constitutes the essential element of Contract of Sale?

• A. Transfer of property
• B. Price
• C. Two parties
• D. All of the above

Hint:

Remember: Sale = Buyer + Seller + Goods + Price.

Answer 1

The Correct Option is D

Concept: A contract of sale involves the transfer of ownership of goods from seller to buyer for a price.
Step 1: Essential elements.

• Two parties $\rightarrow$ Buyer and seller
• Transfer of property $\rightarrow$ Ownership of goods must be transferred
• Price $\rightarrow$ Consideration must be in monetary terms

Step 2: Evaluate options.
Each of the given options represents an essential element of a contract of sale.
Step 3: Conclusion.
Thus, all of the above are essential elements.