The correct answer is D. All of the above.
A contract of sale is an agreement between two parties, the buyer and the seller, in which the seller agrees to transfer ownership of goods to the buyer in exchange for a price. The essential elements of a contract of sale are:
- Offer and acceptance: The buyer must make an offer to purchase the goods, and the seller must accept that offer.
- Consideration: The buyer must give something of value to the seller, usually money, and the seller must give something of value to the buyer, usually the goods.
- Intention to create legal relations: The parties must intend to create a legally binding contract.
- Capacity: The parties must have the legal capacity to enter into a contract.
- Certainty: The terms of the contract must be certain.
- Possibility: The performance of the contract must be possible.
- Lawfulness: The contract must not be for an illegal purpose.
In addition to these essential elements, there are a number of other factors that may be considered part of a contract of sale, such as:
- The description of the goods: The contract must describe the goods that are being sold.
- The quantity of the goods: The contract must specify the quantity of goods that are being sold.
- The price of the goods: The contract must specify the price of the goods.
- The time and place of delivery: The contract must specify when and where the goods will be delivered.
- The terms of payment: The contract must specify how the buyer will pay for the goods.
- The terms of the warranty: The contract may specify the terms of the warranty that the seller is offering.
The transfer of property is the act of transferring ownership of goods from one party to another. In a contract of sale, the transfer of property usually takes place at the time of delivery. However, the parties may agree to transfer property at a different time, such as at the time of payment.
The goods are the items that are being sold under the contract. The goods must be described in the contract so that both parties know what is being sold.
The price is the amount of money that the buyer must pay to the seller in exchange for the goods. The price must be specified in the contract.
Therefore, the correct answer is D. All of the above.