Summary - Contract Law

A Note written by Munachi Chukwu a law student
of Imo State University, Owerri, Imo State,
Nigeria
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COMMERCIAL LAW NOTT:


COMMERCIAL LAW NOTES ON DIFFERENCES
BETWEEN CONTRACT OF SALES AND OTHER
CONTRACT RECOGNISED BY THE SALES OF
GOODS ACT 1893 & 1979


CONTRACT OF SALES

CONTRACT OF GIFT

CONTRACT OF HIRE PURCHASE

, CONTRACT OF EXCHANGE

CONTRACT OF BAILMENT

CONTRACT LIASING



DEFINITION;

Section 1(1) of the sales of goods act, 1893 defines a contract of
sales goods as;

A contract whereby the seller transfers or agrees to transfer the
property in goods to the buyer for a money consideration, called the
price.

This means that, in addition to the ordinary elements of a contract,
two other elements which are goods and consideration must be
present in a contract of sales of goods.

The above definition makes it clear that

A) for a contract of sale to be a contract the property in the goods
is transferred from the seller to the buyer;

B) An agreement to sell, in which the property or goods takes place in
"futuro"(at a future time) or on fulfillment of certain conditions.

A contract for the sale of goods yet to be manufactured is an
agreement to sell because the property in the goods cannot pass
until they are manufactured and ascertained.



SALE AND EXCHANGE;