Performance of Contracts by the Parties in Relation to Conditions and Warranties in Sale of Goods Transactions

Abstract

Performance of contract of sale of goods transactions involves primarily the delivery by or on behalf of the seller of the goods sold and their acceptance and payment of their price by or on behalf of the buyer1. There must be an intention on the part of the parties to a contract of a sale of goods to create a valid and binding contract which affects the legal relationship. Thus, an agreement that is binding in honor only, will not be a contract of sale of goods2. A contract for sale of goods like any other contracts is made by the express or implied acceptance by one party of an express or implied offer made to him by the other party. The contractual as to offer and acceptance, invitation to treat, correspondence of offer and acceptance are applicable to contract of sale of goods. Keeping in mind the premise of United States of America, this study focuses on the contract of sale of goods; price. Delivery issues along with installment also have been discussed in this article.