123Sale and agreement to sell

1. A contract of sale is a sale if, under the contract, the property in the goods is transferred from the seller to the buyer.

2. A contract of sale is an agreement to sell if the transfer of the property in the goods is to take place at a future time or subject to a condition or conditions to be fulfilled at a future time.

3. An agreement to sell becomes a sale when the time for the transfer of the property to take place elapses or the condition or conditions of the transfer of the property are fulfilled.

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• s 3(4)