- Two Parties: A contract of sale comprises of two parties, specifically the seller (the individual who transfers or consents to transfer the ownership of goods) and the buyer (the individual who purchases or consents to purchase the goods).
- Goods: The content of the agreement must consist of goods that already exist or will exist in the future. Goods are defined as mobile property, which does not include actionable claims, money, or immovable property.
- Ownership Transfer: The contract must encompass the transfer or mutual agreement to transfer the ownership of goods from the seller to the buyer.
- Pricing: It is necessary for the parties to establish a mutually agreed-upon price. The consideration for the items typically involves monetary value; however it can also be in the form of barter or exchange.
- Consent: The agreement must be voluntarily entered into by both parties, without any force, deception, manipulation, or misunderstanding.
- Legal Capacity: The individuals participating in the contract must possess the legal ability to engage in a contractual agreement. Individuals who are minors or mentally incapacitated should not be subject to disqualification based on legal grounds.
