Concept of Sale

Sale is an important function of business. It plays an important role in the growth and goal achieving process of organization. 

It is the transferred of ownership on behalf of money. 

In other words we can say that the process in which the ownership of any products or service transferred from one person to other person, one organization to other organization, one company to other company. This process is called sale. 

In the word of law section 54, sale as a transfer of ownership in exchange for a price paid or promise to be paid. 

Element of sale:

There are two element of sale.

1. Transfer of ownership- it is the first element of sale. Sale is the process of changing ownership. The person who possess ownership of any products or services, they have power, right to use it according to their own way. If any type of problems happens they are responsible, accountable for this mistake and get financial punishment. If sale happens the power, right, duty, responsibility, accountability also change from one person to other person. 

2. Money consideration- it is the second element of sale. The transfer of ownership is on the behalf of money. The ratio of money is changing, if buyers promise to give money in a fixed period, sale is happened because the transfer of ownership is completed. 

In other words we can say that the promise of buyer to pay money in a fixed time also play an important role in the process of sale. It gives assurance to seller that the amount must come in certain period. If amount doesn't come, buyer is ready to take legal punishment.