The distinction between a sale and an agreement to sell is drawn in the provisions of the Sale of Goods Act already quoted (Ont. s. 33; U.K. s. 1), as follows:
3. - (3) Where under a contract of sale the property in the 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 Sale of Goods Act (Ont. s. 2; U. K. s. 62) also contains the following provisions:
"Contract of sale" shall include an agreement to sell as well as a sale.
"Sale" shall include a bargain and sale as well as a sale and delivery.
The distinction between an agreement to sell and a sale is fundamental. The former is a contract pure and simple. At the time of the contract the property in the goods does not pass, but the buyer acquires a right in personam to the transfer of the property upon the happening of an event or the fulfilment of a condition. A sale on the other hand is more than a. contract. Its effect is to transfer to the buyer forthwith a right in rem - the property in the goods. Under an agreement to sell the seller remains the owner until the agreement to sell becomes a sale, under a sale the buyer becomes the owner forthwith. An agreement to sell and a sale are sometimes referred to as an executory contract of sale and an executed contract of sale respectively.
As to a bargain and sale as distinguished from a sale and delivery, see 32, and chapter 8, 81.