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A
minor or lunatic cannot be a transferor / vendor as he is not competent
to contract under Section II of the Indian Contract Act, 1872. However
it has been held that a minor or a lunatic can be a transferee or
purchaser in the case of transfer by way of sale or mortgage, represented
by his Guardian.
SUBJECT
MATTER
Subject
matter is the transferable immovable property.
PRICE
Price
is an essential ingredient for all transactions of sale and in the
absence of the price or the consideration, the transfer is not regarded
as a sale. The transfer by way of sale must be in exchange for a
price. It has been held that price normally means money. The price
can be paid fully in cash or it can be partly paid and partly promised
to be paid in future. The price can be fixed by the agreement between
the parties before the conveyance of the property. The price is
to be fixed reasonably.
DELIVERY
OF PROPERTY
Transfer
by way of sale in the case of tangible property worth less than
rupees One Hundred can be made either by a registered instrument
or by delivery of property by putting the purchaser or the person
directed by the purchaser, in possession of property. If the consideration
for the sale is more than Rs.100/- then the instrument must be registered
under the Registration Act, 1908.
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