Hong Kong Ordinances

SALE OF GOODS ORDINANCE - SECT 3

Sale and agreement to sell

PART I

FORMATION OF THE CONTRACT

Contract of sale

(1) A contract of sale of goods is a contract whereby the seller transfers or
agrees to transfer the property in goods to the buyer for a money
consideration, called the price. There may be a contract of sale between one
part owner and another.

(2) A contract of sale may be absolute or conditional.

(3) Where under a contract of sale the property in the goods is transferred
from the seller to the buyer, the contract is called a sale; but where the
transfer of the property in the goods is to take place at a future time or
subject to some condition thereafter to be fulfilled, the contract is called
an agreement to sell.

(4) An agreement to sell becomes a sale when the time elapses or the
conditions are fulfilled subject to which the property in the goods is to be
transferred.