Correct option is B
The element "Without consideration" is not an essential element of a sale. In fact, consideration is a crucial component of a sale. A valid sale under the law involves the exchange of ownership of property (usually goods) from the seller to the buyer in return for a price or consideration. Without consideration, there cannot be a valid sale; such a transaction would instead be classified as a gift.
Information Booster
·
Essential Elements of a Sale:
·
(a) Seller and Buyer: A valid sale requires a seller, who transfers the ownership, and a buyer, who receives the ownership. These parties must be competent to contract and have the intention to engage in a sale.
·
(c) Transfer of Ownership: The primary objective of a sale is the transfer of ownership of goods or property from the seller to the buyer. This transfer is an essential element that distinguishes a sale from other transactions like leasing or renting.
·
Consideration: Consideration, typically in the form of money, is a key requirement for a sale. The buyer provides this consideration in exchange for the ownership of the goods or property. Without consideration, the transaction cannot be classified as a sale but rather as a gift, where ownership is transferred without receiving anything in return.
Additional Knowledge
·
(b) Without Consideration: In legal terms, "without consideration" refers to a transaction where something is given without anything in return. In the context of property law, this scenario describes a gift rather than a sale. A sale inherently requires consideration, which is typically monetary. Therefore, the absence of consideration negates the possibility of a sale and instead suggests a gift.
·
(d) None of the Above: This option implies that all listed elements are essential, which is incorrect in this context because "without consideration" is explicitly not an essential element of a sale.
