The Sale of Goods Act (Ont. s. 3; U.K. s. 1) provides:
3. - (1) A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a money consideration, called the price. There may be a contract of sale between one part owner and another.
(2) A contract of sale may be absolute or conditional.
(3) Where under a contract of sale the property in goods is transferred from the seller to the buyer the contract is called a sale ;but where the transfer of the property in the goods is to take place at a future time or subject to some condition thereafter to be fulfilled the contract is called an agreement to sell.
(4) An agreement to sell becomes a sale when the time elapses or the conditions are fulfilled subject to which the property in the goods is to be transferred.
The distinction drawn in sub.-ss. 3 and 4 between an agreement to sell and a sale is fundamental in the law of sale of goods. This distinction can, however, be more conveniently discussed in chapter 3, in connection with the rules which govern the passing of the property as between the seller and the buyer.
Whereas in the Sale of Goods Act the term "contract of sale" is used to express both an "agreement to sell" and a "sale," in the United States the term "contract of sale" does not occur in the Uniform Sales Act, and the terms "contract to sell" and "sale" are used throughout the statute, either in the alternative or singly as the context may require.