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📘 Nature and Definition of Contract of Sale of Goods (Under the Sale of Goods Act, 1930) 1. Introduction The Sale of Goods Act, 1930 is a very important law that deals with buying and selling of goods in India. It lays down rules about how goods are sold, how ownership is transferred, and what rights and duties both buyer and seller have. Every transaction where goods are exchanged for a price — whether in cash or credit — falls under this Act. 2. Definition (Section 4 of the Sale of Goods Act, 1930) According to Section 4(1) : “A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price.” Explanation in Easy Words A seller agrees to transfer the ownership (not just possession) of goods to a buyer . The transfer must be for a price (money). When ownership is transferred immediately → it’s a Sale . When transfer is to happen later → it’s an Agreement to Sell . 3. Essential Elem...