Question: What Is The Subject Matter Of Contract Of Sale?

What is the difference between subject matter of insurance and subject matter of contract?

Subject Matter of Insurance – Contract Subject matter of insurance is the life, limbs, property, rights or any potential legal liability insured under a policy.

 Subject matter of contract is the insured’s financial interest in the subject matter of insurance..

What are the elements of contract of sale?

Essential elements of a valid sale or a contract of saleEssential Elements of a Valid Contract. All the requirements of a valid contract such as free consent, consideration, competency of the parties, lawful object and consideration must be fulfilled. … Two Parties. … Goods. … Transfer of Ownership. … Price.

What are the effect of a contract of sale if the thing sold is lost?

IF THE THING IS LOST AT THE TIME OF PERFECTION -the contract is void or inexistent. The legal effect is the same as when the object is lost before the perfection of the contract of sale.

Who are the person that may enter into a contract of sale?

As a general rule, all persons who are authorized by the Civil Code to obligate themselves may enter into a contract of sale.

What is a Resolutory condition?

RESOLUTORY CONDITION. On which has for its object, when accomplished, the revocation of the principal obligation; for example, I will sell you my crop of cotton, if my ship America does not arrive in the United States, within six months.

What is the subject matter of the contract?

Subject Matter: The “subject matter” of a contract is the goods or services for which. the parties have bargained, one party providing the goods or services in exchange for something else.

Are future goods a valid subject of a contract of sale?

7. 8 (1) The goods that form the subject of a contract of sale may be either existing goods, owned or possessed by the seller, or goods to be manufactured or acquired by the seller after the making of the contract of sale, in this Act called “future goods”.

What is an example of subject matter?

Subject matter is what something is about. An example of subject matter is a paper written about dogs. The matter or thought presented for consideration in some statement or discussion; that which is made the object of thought or study. …

How is contract of sale created?

A contract of sale can be made merely by an offer, to buy or sell goods for a price, followed by acceptance of such an offer. Interestingly, neither the payment of price nor the delivery of goods is essential at the time of making the contract of sale unless otherwise agreed.

Who is an agent?

An agent, in legal terminology, is a person who has been legally empowered to act on behalf of another person or an entity. An agent may be employed to represent a client in negotiations and other dealings with third parties. The agent may be given decision-making authority.

What do you mean by a contract of sale?

A contract of sale, sales contract, sales order, or contract for sale is a legal contract for the purchase of assets (goods or property) by a buyer (or purchaser) from a seller (or vendor) for an agreed upon value in money (or money equivalent).

What are the essential requisites of a contract of sale?

Elements of Contract of Sale A contract of sale has the following essential elements: Consent or meeting of the minds – the definite agreement between parties with respect to the thing (object) and price (cause); both parties having legal capacity. … Cause or consideration – the price certain in money or its equivalent.