SECTION 5

CONTRACT OF SALE HOW MADE (SECTION 5)
According to section 5(1), a contract of sale is made by an ouer to buy or sell goods for a price and the acceptance of such ouer. The contract may provide for the immediate delivery of the goods or immediate payment of the price or both, or for the delivery or payment by instalments, or that the delivery or payment or both shall be postponed.

Further, as per sub-section (2) of section 5, subject to the provisions of any law for the time being in force, a contract of sale may be made in writing or by word of mouth, or partly in writing and partly by word of mouth or may be implied from the conduct of the parties. 

Analysis:

A contract of sale may be made in any of the following modes:

(i) Contract of sale is made by an ouer to buy or sell goods for a price and acceptance of such ouer.

(ii) There may be immediate delivery of the goods; or

(iii) There may be immediate payment of price, but it may be agreed that the delivery is to be made at some future date; or

(iv) There may be immediate delivery of the goods and an immediate payment of price; or

(v) It may be agreed that the delivery or payment or both are to be made in installments; or

(vi) It may be agreed that the delivery or payment or both are to be made at some future date.