A contract of sale is a contract for the sale of real estate in the future. This agreement defines the conditions under which the property is transferred. In 2012, in the case of Suraj Lamp & Industries (P) Ltd (2) v Den State of Haryana, while dealing with the validity of sales of real estate by proxy, the Indian Supreme Court ruled as follows: Express Warranties: An explicit warranty is a corroborating statement by the seller about the quality and characteristics of the goods. An example of an express warranty is an electronics dispenser that tells a customer, “We guarantee your newly purchased TV against defects for three years. If you draw our attention to a defect, we will replace or repair it. However, an explicit warranty can be established even if the seller does not intend to create one. If the sales contract contains a description of the goods on which the buyer relies when purchasing, an explicit guarantee is made that the goods correspond to this description. When the seller makes available to the buyer a model of the goods, an explicit guarantee is made that the goods conform to the model. A written agreement allows both the seller and the buyer to clearly indicate which explicit warranties may apply to the goods. A contract of sale is a contract for the sale of real estate in the future.
This agreement defines the conditions under which the property is transferred. The Transfer of Property Act 1882, which governs matters relating to the sale and transfer of immovable property, defines the contract of sale or a contract of sale as follows: in addition to controlling ownership of the business, contracts of purchase and sale determine the means to be used to assess the value of a partner`s share. This may have uses outside of the issue of buying and selling shares. For example, in the event of a dispute between the owners about the value of the business or the interest of a partner, the valuation methods contained in the purchase and sale contract are used. If you do not have a sales contract, you may not understand your contractual rights and obligations, the economic consequences of the risks and the remedies and protection available to you legally.