For understanding the term sale, you must know its essentials. They are:
1. Sale is a transfer of ownership from one person to other. One person transfers his title to another.
2. It is transferred in consideration for a price. Here, price means money and not any other valuable thing. Please note that, if in consideration, instead of money, a thing is given, then it is not sale but exchange.
3. The price may be paid or promised to be paid on a certain date or part-paid and part-promised.
Section 53 of Transfer of Property Act. Every owner of property has right to transfer his property as he likes.
But the transfer must be made with a bonafide intention. Where the transfer is made with fraudulent intention, it means with the intention of defeating the interest of creditor or interest of any subsequent transferee. Where the transfer is made with fraudulent intention, the object of the transfer would be bad in the eyes of equity and justice; though it is valid in law.
Important Words of TPA that you must know about.
1. Transfer- It means the conveyance of a thing, property, or a right from one person to another.
2. Property- Property includes movable and immovable property. Any thing which has a monetary value.
3. Act of Parties- An act that has been done with the desire and consent of the parties. It is voluntary in nature.
A gift is a gratuitous transfer of a property of any nature to the other person. It is a voluntary transfer from one person to the other. Generally, a transfer without consideration is void.
But a gift is an exception to the rule that without consideration an agreement of transfer is void. A gift is given under natural love and affection. This is the reason that even law has put it in a different table.
Posthumous Child In Succession: Section 20 of the Hindu Succession Act recognizes the posthumous child as an heir in intestate succession.
It means the child who was in the womb at the time of death of intestate who is subsequently born alive shall have the same right to inherit to intestate as if he or she had been born before the death of intestate and the inheritance shall be deemed to vest in such a case from the date of death of the intestate.
The right of foreclosure is available to mortgagee under section 67 of Transfer of Property Act to recover his money due on mortgagor.
This right can be exercised only when-
The debt amount has become due for payment.
There should be no other contract contrary to the mortgage deed, else the terms and conditions of contract will suffice.
Where mortgagor has not got a degree of redemption under section 60.