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Contract: It is an exchange of assurance. It is generated between two or more persons. When one party offers something to another party, and the other party accepts the offer, then it converts into an agreement. A contract is enforceable by law to form a legal obligation. It desists the parties from doing a specific act and provides an obligation to do a particular thing.
Sales of contract: According to the sale contract, the seller transmits or agree to transmit the goods or property to the purchaser at a particular price.
Contract of sale involves both an agreement to sell and sale.
3. Agreement to sell: According to this contract of sale, the movement of goods or property will happen at a future date.
In the above situation, person M (seller) has an agreement to sell his car to person M (buyer) at a future date. It is not an implemented contract like a sale. However, the buyer got to know that his car was damaged because of a fire.
Rights of Buyer: Person M (buyer) can sue person M (seller) for the damages for expectant breach of contract. The buyer (person M) also has the right to cancel the agreement because the car is not transferred yet. The buyer (person M) has the right to recover damages or the amount he paid for the car.
Rights of seller: Person M (seller) can also sue person M (buyer) for asking for damages even the seller (person M) was only agreed to sell, and the buyer (person M) didn't pay the price. Person M (seller) can sue the buyer for the non-acceptance of the car.