ACT 137
SALE OF GOODS ACT, 1962 1(1)
AN ACT to codify with amendments the law relating to the
sale and hire purchase of goods and to provide for related matters.
PART ONE
Nature and Formation of the Contract
(1) A contract
of sale of goods is a contract
by which the seller agrees to transfer the property in the goods
to the buyer for a
consideration called the price,
consisting wholly or partly of money.
(2) Where, by virtue of one or more contracts, a person has agreed for value to bail goods to a bailee on
the terms that the property in the goods will or may at the option of the bailee pass to the bailee then,
for the purposes of this Act,
(a)
that person has agreed to transfer the property in the goods
to the bailee, and
(b)
the
bailor is the seller
and the bailee is the buyer.
(3) There may be a contract of sale between
one part owner
and another.
(4) A contract
of sale may be absolute
or conditional.
