Transfer of Property (Sections 18-26) determines when ownership passes from seller to buyer. Key principle: Property transfers when parties intend it to transfer. Rules (in absence of agreement): (1) Specific goods in deliverable state—property passes when contract made; (2) Specific goods not in deliverable state—property passes when goods are put in deliverable state and buyer notified; (3) Goods to be weighed/measured—property passes when weighed/measured and buyer notified; (4) Goods on approval—property passes when buyer accepts or retains beyond agreed time. Transit goods: Risk passes with property, not at delivery. Conditional contracts: Property depends on condition fulfillment. Case law: Pignataro v. Gilbertson establishes intention determines transfer timing. Seller's reservation of title: Seller can retain ownership until payment despite delivery. For accountants, property transfer timing determines revenue recognition, inventory relief, and risk transfer. Understanding when property passes essential for audit procedures. Exam tip: Identify goods type; apply appropriate transfer rule; distinguish property from risk of loss.