Contract of Sale (Sections 4-10) involves agreement for transfer of goods from seller to buyer. Essentials: (1) Identification of goods—clearly identified or ascertainable; (2) Price determination—fixed or ascertainable; (3) Parties—buyer and seller capable of contracting; (4) Consideration—price is consideration; (5) Intention to transfer ownership. Kinds: Sale (transfer complete, property passes immediately) and Agreement to sell (transfer future/conditional). Conditions of performance: Delivery and payment. Distinction: Sale is executed; Agreement to sell is executory. Prices may be fixed at time of sale or determinable by reference (market price, weight, quality). Goods must be identified with reasonable certainty. Case law: Healy v. Howells establishes identification requirement. For accountants, sale recognition depends on identifying when property passes; understanding types affects revenue recognition timing and inventory accounting. Exam tip: Identify whether transaction is sale or agreement to sell; determine property transfer timing; assess whether price is fixed or ascertainable.