State briefly the essential element of a contract of sale under the Sale of Goods Act, 1930.

Essentials of Contract of Sale The following elements must co-exist so as to constitute a contract of sale of goods under the Sale of Goods Act, 1930: (i) There must be at least two parties. (ii) The subject matter of the contract must necessarily be goods covering only movable property. It may be either existing goods, owned or possessed by the seller or future goods. (iii) A price in money (not in kind) should be paid or promised. But there is nothing to prevent the consideration from being partly in money and partly in kind. (iv) A transfer of property in goods from seller to the buyer must take place. The contract of sale is made by an offer to buy or sell goods for a price by one party and the acceptance of such offer by other. (v) A contract of sale must be absolute or conditional [section 4(2)]. (vi) All other essential elements of a valid contract must be present in the contract of sale, e.g. competency of parties, legality of object and consideration etc.