An agreement to sell becomes a sale when the time elapses or the conditions, subject to which the property in the goods is to be transferred, are fulfilled.
Transfer of property sold for a price is the linchpin of the definition of contract of sale. "Property" means the general property in goods and not merely a special property. In other words, it means "the right of ownership", when we say that the property in goods has passed from the seller to the buyer, it means that the seller ceases to be, and the buyer becomes the owner of the goods.
'Goods' form the subject-matter of a contract of sale. Goods means every kind of movable property other than actionable claims and money and includes stocks and shares, growing crops, grass and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of the sale. Trademarks, copyrights, patent rights, goodwill, electricity, water, gas are all considered goods.
Actionable claims and money are not goods. Subject to the Transfer of Property Act , an actionable claim means a claim to any debt or any beneficial interest in movable property not in possession. A debt due from one person to another is an actionable claim and cannot be bought or sold as goods.
The goods which form the subject-matter of a contract of s...
The 'price' in a contract of a sale forms an essential part of the contract. It means the consideration for the transfer or agreement to transfer the property in goods from the seller to the buyer. It is not essential that the price should be fixed at the time of sale. It must, however, be payable, though it may not have been fixed.
Conditions and Warranties
Before a Contract of sale is entered into, a seller frequently makes representations or statements with reference to the goods which influence the buyer to clinch the bargain. Such
representations or statements differ in character and importance. It could be a condition or a warranty. In a Contract of Sale of Goods conditions and warranties may be express or implied. A condition is a stipulation which is essential to the main purpose of the Contract. Its non fulfillment upsets the very basis of the Contract. If there is a breach of condition, the aggrieved party can treat the Contract as repudiated. Wallis v. Pratt  2K.B1012 states that "a condition is an obligation which goes so directly to the substance of the contract, or in other words, is so essential to its very nature, that its non-performance may fairly be considered by the other party as a substantial failure to perform the contract at all". A warranty is a stipulation which is collateral to the main purpose of the Contract. It is not of such vital importance as a condition is. If there is a breach of condition, the aggrieved party can only claim damages and it has no right to treat the Contract as repudiated.
In a contract of sale of goods conditions and warranties may be express or implied. Express conditions and warranties are those which are expressly