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📚 Law of Property 11 | Sale: Meaning, Essentials & Contract of Sale.
This podcast episode simplifies the Sale: Meaning and Essentials, Contract of Sale, making it easier for law students and enthusiasts to understand. Whether preparing for law exams, exploring legal studies, or enhancing your knowledge of Constitutional Law, this episode offers clear and valuable insights to guide your learning journey.

✍️ Essential Law Terms
1. Agreement to Sell: A contract that promises the transfer of ownership of goods at a future date or upon fulfillment of specified conditions.
2. Bill of Lading: A document issued by a carrier acknowledging receipt of goods for transport and serving as evidence of title to those goods.
3. Contract of Sale: A legally binding agreement where the seller transfers or agrees to transfer ownership of goods to the buyer in exchange for a price.
4. Deliverable State: The condition of goods in which the buyer is obligated to accept delivery under the terms of the sales contract.
5. Delivery: The voluntary transfer of possession of goods from one person to another.
6. Document of Title: A document that represents ownership of goods and gives the holder the right to possess those goods.
7. Future Goods: Goods not yet in existence or not owned by the seller at the time the contract is made.
8. Goods: Moveable property, including items like shares, crops, and things agreed to be severed from land.
9. Immovable Property: Land and things permanently attached to it, such as buildings.
10. Insolvent: A person unable to pay their debts as they become due.
11. Marshalling: A legal principle allowing a buyer who has purchased one of several mortgaged properties to require the lender to satisfy the debt from the unsold properties first.
12. Mercantile Agent: An agent authorized to buy or sell goods on behalf of their principal in the ordinary course of business.
13. Price: The money consideration paid for goods in a sale.
14. Property: The legal ownership rights associated with goods.
15. Recitals: Clauses in a contract that provide background information and explain the purpose of the agreement.
16. Registration: The official recording of a sale deed with the government, creating public notice of the transaction and providing legal protection.
17. Rescission: The cancellation of a contract, returning the parties to their positions before the contract was formed.
18. Risk Prima Facie Passes with Property: The principle that the risk of loss or damage to goods generally passes to the buyer when ownership of the goods is transferred.
19. Sale: The immediate transfer of ownership of goods from the seller to the buyer in exchange for a price.
20. Sale Deed: A legal document that formally transfers ownership of immovable property from the seller to the buyer.
21. Stoppage in Transit: The right of an unpaid seller to reclaim possession of goods while they are in transit to an insolvent buyer.
22. Tangible Property: Physical property that can be touched, like land or goods.
23. Unconditional Appropriation: The act of clearly designating specific goods for a particular sale, transferring ownership to the buyer.
24. Unpaid Seller: A seller who has not received full payment for goods sold.
25. Valuation: The process of determining the fair market value of goods or property.
26. Warranty: A guarantee or promise made by the seller about the quality or performance of goods.

💡 About LexTalks
LexTalks: Legal Topics Simplified is an AI-generated educational podcast designed to make foundational legal concepts accessible to beginners. Our goal is to provide clear, concise, and engaging overviews of key banking and financial law topics to support students in their legal studies.

⚖️ Disclaimer
This podcast is for educational and informational purposes only. As the content is AI-generated, occasional inaccuracies, omissions, or audio inconsistencies may occur, and it may not always reflect the latest legal developments. Always refer to prescribed textbooks, academic resources, or legal professionals for an accurate and in-depth understanding. LexTalks and its creators are not responsible for any errors, omissions, or misinterpretations. Verify all legal information with authoritative sources.

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