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[Music] hi guys welcome to commercial load tutorials law of purchase and sale this is our first lesson we are going to look at the definition named essentials in this lesson first of all we are going to define the law of purchase and cell then we'll also talk about the essentials and at the end of the lesson i am going to give you public exam questions relating to this lesson the definition pitches and cell is an agreement or contract in which one person promises to deliver a thing to another who also promises to pay a certain price for that thing delivered to him or so it is a transfer of possession of a thing in exchange for a price thus an agreement to make over to another a certain thing for a certain price that is purchasing cell so expanding on those definitions we can say that this is whereby the seller is obliged to deliver goods transfer ownership in the booth to the buyer and receive payment and whereby on the other end the buyer is obliged to also pay the seller receive delivery and ownership in the goods in ance with the agreement [Music] the highlighted points here forms the essentials of purchase and sell contracts [Music] let us look at the essentials of purchase and sell contract we have agreement the mix or thing being sold [Music] price and delivery [Music] i'll explain this in detail [Music] first agreement agreement is a mutual ascent between the buyer and the seller it is the union of two mines in one direction as required that is consensus added them and the buyer must intend to buy and the seller must intend to sell in their agreement for instance if one is buying bread in a shop truly the baker would have made thousands of floors with intention to sell and those buying the bread really needs the bread for their meals so seller is willing to sell while the buyer is willing to buy in this example that is agreement we are talking about [Music] then makes or a thing being sold [Music] there must be a mix or a thing being sold which forms the subject matter of the contract we can't have the contract of purchase and sell without the mix note that makes is usually divided into three topics that is mix or a thing that is being sold must be accessible a certain number of goods are those goods which can be specifically identified in ance with the agreement after the contract of cell is made for instance a white golf t-shirt with a green ball on the pocket so when max is ascertainable parties know what is being sold for buyers to buy and sellers to sell the thing they all know this also leads to the amount number and weight of the thing being sold [Music] then secondly future goals notating existence but whose future existence is anticipated may also be solved for example out of stock items then lastly certain things cannot be sold press extra permission these are things that cannot be appropriated or ascertained hence incapable of being owned also therefore they can't be sold for example air then we have fresh knowledge they are incapable of being owned for instance beds and wild animals unless they are tamed and we have public property for instance streetlights and roads and poisonous or intoxicating liquid firearms and ammunition those are sold under strict restriction by the state inherited property under will can also not be sold [Music] if they contain a permission against the alien nation but this can be sold if a relief is granted against the prohibition by the court one cannot buy things which he or she is administering in the capacity of a trustee unless in a bona fide manner as a public auction or under an order by the codes for example property being administered by an executor of an instead or an agent in these principles things or in partnership a partner cannot buy any property following the scope of the partnership then we also have the right of inheritance to a person still living one cannot buy those any cell of such inheritance to a third party is void because it is contrary to public policies unless when the person is dead the property can now be sold eyes [Music] they cannot be a valid contract of sale without the price for the thing being sold [Music] the price should be in the current money for instance one cannot sell a house in town in exchange for a farm in the rural area this is a contract of exchange not purchasing sale so the price should be in the form of current [Music] money current money refers to banknotes checks money transfers and other forms that are available then the price should be a certain sum a certain amount should be stated by the parties the price should be definite and clear that is like 20 or 100 pounds for the product being sold thus the buyer should know the exact amount he or she is going to pay for the product being sold [Music] then the price also should be real it should be proportionate to the value of the hardcore being sold the money being paid should be equivalent to the value of the thing being sold that is what we are saying unless maybe if the product is on promotion then deliver [Music] for ownership of a thing sold to pass to the buyer the correct form of delivery must have occurred we have actual delivery constructive or fixtures delivered registration incision those are the forms of delivered more on delivery and ownership is also found in this channel [Music] now the questions why does the law of purchasing sell incorporate briefly explain the essentials required for a sale to be under pitches in cell contract thank you so much for watching remember to subscribe and like