1.  Definition of sale .

2.  Essential of sale .

3.  Definition of  Mortgage .

4.  Valid , Void and Voiadable contract .

5.  Definition of immovable properties .

6.  Contents of Transfer Of Properties Act .

7.  Capability of parties .

1. Definition of sale :-

                                  An agreement by which one of the contracting parties, called the seller, gives a thing and passes the title to it, in exchange for a certain price in current money, to the other party, who is called the buyer or purchaser, who, on his part, agrees to pay such price.
This contract differs from a barter or exchange in this, that in the latter the price or consideration, instead of being paid in money, is paid in goods or merchandise, susceptible of a valuation. It differs from accord and satisfaction, because in that contract, the thing is given for the purpose of quieting a claim, and not for a price. An onerous gift, when the burden it imposes is the payment of a sum of money, is, when accepted, in the nature of a sale. When partition is made between two or more joint owners of a chattel, it would seem, the contract is in the nature of a barter.
To constitute a valid sale there must be, 1. Proper parties. 2. A thing which is the object of the contract. 3. A price agreed upon; and, 4. The consent of the contracting parties, and the performance of certain acts required to complete the contract. These will be separately considered.
As a general rule all persons sui juris may be either buyers or sellers. But to this rule there are several exceptions. 1. There is a class of persons who are incapable of purchasing except sub modo, as infants, and married women; and, 2. Another class, who, in consequence of their peculiar relation with regard to the owner of the thing sold, are totally incapable of becoming purchasers, while that relation exists; these are trustees, guardians, assignees of insolvents, and generally all persons who, by their connexion with the owner, or by being employed concerning his affairs, have acquired, a knowledge of his property, as attorneys, conveyancers, and the like.
There must be a thing which is the object of the sale, for if the thing sold at the time of the sale had ceased to exist it is clear there can be no sale; if, for example, Paul sell his horse to Peter, and, at the time of the sale the horse be dead, though the fact was unknown to both parties: or, if you and I being in Philadelphia, I sell you my house in Cincinnati, and, at the time of the sale it be burned down, it is manifest there was no sale, as there was not a thing to be sold. It is evident, too, that no sale can be made of things not in commerce, as the air, the water of the sea, and the like. When there has been a mistake made as to the article sold, there is no sale; as, for example, where a broker, who is the agent of both parties, sells an article and delivers to the seller a sold note describing the article sold as "St. Petershurg clean hemp," and bought note to, the buyer, as "Riga Rhine hemp," there is no sale.
There must be an agreement as to the specific goods which form the basis of the contract of sale; in other words, to make a perfect sale, the parties must have agreed the one to part with the title to a specific article, and the other to acquire such title; an agreement to sell one hundred bushels of wheat, to be measured out of a heap, does not change the property, until the wheat has been measured.
To constitute a sale there must be a price agreed upon; but upon the maxim id certum est quod reddi certum potest, a sale may be valid although it is agreed that the rice for the thing sold shall be determined by a third person. The price must have the three following qualities, to wit: 1. It must be an actual or serious price. 2. It must be certain or capable of being rendered certain. 3. It must consist of a sum of money.
The price must be an actual or serious price, with an intention on the part of the seller, to require its payment; if, therefore, one should sell a thing to another, and, by the same agreement, he should release the buyer from the payment, this would not be a sale but a gift, because in that case the buyer never agreed to pay any price, the same agreement by which the title to the thing is passed to him discharging him from all obligations to pay for it. As to the quantum of the price that is altogether immaterial, unless there has been fraud in the transaction. 2. The price must be certain or determined, but it is sufficiently certain, if, as before observed, it be left to the deterimination of a third person. And an agreement to pay for goods what they are worth, is sufficiently certain. 3. The price must consist in a sum of money which the buyer agrees to pay to the seller, for if paid for in any other way, the contract would be an exchange or barter, and not a sale, as before observed.
The consent of the contracting parties, which is of the essence of a sale, consists in the agreement of the will of the seller to sell a certain thing to the buyer, for a certain price, and in the will of the buyer, to purchase the same thing for the same, price. Care must be taken to distinguish between an agreement to enter into a future contract, and a present actual agreement to make a sale. This consent may be shown, 1. By an express agreement. 2. By all implied agreement.
The consent is certain when the parties expressly declare it. This, in some cases, it is requisite should be in writing. By the 17tth section of the English statute, 29 Car. II. c. 3, commonly called the Statute of Frauds, it is enacted, "that no contract for the sale of any goods, wares, or merchan-dise, for the price of �10 or upwards, shall be allowed to be good, except the buyer shall accept part of the goods so sold, and actually receive the same, or give something in earnest to bind the bargain, or in part payment, or some note or memorandum in writing of the said bargain be made and signed by the parties to be charged by such contract or their agents thereunto lawfully authorized." This statute has been renacted in most of the states of the Union, with amendments and alterations,
It not unfrequently happens that the consent of the parties to a contract of sale is given in the course of a correspondence. To make such contract valid, both parties must concur in it at the same time. An express consent to a sale may be given verbally, when it is not required by the statute of frauds to be in writing.
When a party, by his acts, approves of what has been done, as if he knowingly uses goods which have been left at his house by another who intended to sell them, he will, by that act, confirm the sale.
The consent must relate, 1. To the thing which is the object of the contract; 2. To the price; and, 3. To the sale itself. 1st. Both parties must agree upon the same object of the sale; if therefore one give consent to buy one thing, and the other to sell another, there is no sale; nor is there a sale if one sells me a bag full of oats, which I understand is full of wheat; because there is no consent as to the thing which is the object of the sale. But the sale would be valid, although I might be mistaken as to the quality of the tiling sold. 2d. Both parties must agree as to the same price, for if the seller intends to sell for a greater sum than the buyer intends to give, there is no mutual consent; but if the case were reversed, and the seller intended to sell for a less price than the buyer intended to give, the sale would be good for the lesser sum. 3d. The consent must be on the sale itself, that is, one intends to sell, and the other to buy. If, therefore, Peter intended to lease his house for three hundred dollars a year for ten years, and Paul intended to buy it for three thousand dollars, there would not be a contract of sale nor a lease.
In order to pass the property by a sale, there must be an express or implied agreement that the title shall pass. An agreement for the sale of goods is prima facie a bargain and sale of those goods; but this arises merely from the presumed intention of the parties, and if it appear that the parties have agreed, not that there shall be a mutual credit by which the property is to pass from the seller to the buyer, and the buyer is bound to pay the price to the seller, but that the exchange of the money for the goods shall be made on the. spot, no property is transferred, for it is not the intention of the parties to transfer any. But, on the contrary, when the making of part payment, or naming a day for payment, clearly shows an intention in the parties that they should have some time to complete the sale by payment and delivery, and that they should in the meantime be trustees for each other, the one of the property in the chattel, and the other in the price. As a general rule, when a bargain is made for the purchase of goods, and nothing is said about payment and. delivery, the property passes immediately, so as to cast upon the purchaser all future risk, if nothing remains to be done to the goods, although he cannot take them away without paying the price.
Sales are absolute or conditional. An absolute sale is one made and completed without any condition whatever. A conditional sale is one which depends for its validity upon the fulfilment of some condition.
Sales are also voluntary or forced, public or private.
A voluntary sale is one made without constraint freely by the owner of the thing sold; to such the usual rules relating to sales apply. 2. A forced sale is one made without the consent of the owner of the property by some officer appointed by law, as by a marshal or a sheriff in obedience to the mandate of a competent tribunal. This sale has the effect to transfer all the rights the owner had in the property, but it does not, like a voluntary sale of personal property, guaranty a title to the thing sold it merely transfers the rights of the person as whose property it has been seized. This kind of a sale is sometimes called a judicial sale. 3. A public sale is one made at auction to the highest bidder. Auction sales sometimes are voluntary, as when the owner chooses to sell his goods in this way, and then as between the seller and the buyer the usual rules relating to sales apply; or they are involuntary or foreed when the same rules do not apply. 4. Private sales are those made voluntarily and not at auction.
The above rules apply to sales of personal property. The sale of real estate is governed by other rules. When a contract has been entered into for the sale of lands, the legal estate in such lands still remains vested in the vendor, and it does not become vested in the vendee until he shall have re-ceived a lawful deed of conveyance from the vendor to him; and the only remedy of the purchaser at Iaw, is to bring an action on the contract, and recover pecuniary damages for a breach of the contract. In equity, however, after a contract for the sale, the lands are considered as belonging to the purchaser, and the court will enforce his rights by a decree for a specific performance; and the seller will be entitled to the purchase money.
In general, the seller of real estate does not guaranty the title; and if it be desired that he should, this must be done by inserting a warranty to that effect .

2. Essential elements of sale : -

                                                Parties :- A minor or lunatic cannot be a transferor / vendor as he is not competent to contract under Section II of the Indian Contract Act, 1872. However it has been held that a minor or a lunatic can be a transferee or purchaser in the case of transfer by way of sale or mortgage, represented by his Guardian.

Subject Matter

Subject matter is the transferable immovable property.

Price

Price is an essential ingredient for all transactions of sale and in the absence of the price or the consideration, the transfer is not regarded as a sale. The transfer by way of sale must be in exchange for a price. It has been held that price normally means money. The price can be paid fully in cash or it can be partly paid and partly promised to be paid in future. The price can be fixed by the agreement between the parties before the conveyance of the property. The price is to be fixed reasonably.

Delivery of Property

Transfer by way of sale in the case of tangible property worth less than rupees One Hundred can be made either by a registered instrument or by delivery of property by putting the purchaser or the person directed by the purchaser, in possession of property. If the consideration for the sale is more than Rs.100/- then the instrument must be registered under the Registration Act, 1908.

Rights and Duties of Seller and Buyer

The rights and duties of seller and buyer are subject to the contract. In the absence of any contract to the contrary, the rights and duties of seller and buyer are governed by section 55, Transfer of Property Act. The rights and duties of seller and buyer under the provisions of section 55 of Transfer of Property Act are as under the law .

3. Definition of mortgage :-

                                        A mortgage is a loan to purchase a property. A mortgage loan uses the property as collateral to guarantee repayment of the loan. The borrower gives the lender a lien against the property, and the lender can foreclose on the property if the borrower does not repay the loan per the agreed terms. A mortgage can be placed on any property whether it is being purchased or already owned by the borrower. Mortgage payments are fixed by law for a period of time. They include a portion of the principal balance and a pro-rated amount of interest. The prorated interest amount is usually one twelfth of the annual interest rate. mortgage payments are always due in arrears, meaning that you are paying interest due for the previous month. What's interesting is that lenders can only apply the principal portion of the payment at the end of the payment cycle (once per month).If you pay your mortgage on the first of the month when it's due you are paying last months' interest due and giving the bank a thirty day interest free loan for the principal amount due which they apply at the end of the month. That is why they give you usually a fifteen day grace period to make the payment without charging you a late fee. The word mortgage is derived from two other words "mort"=death "gage"=grip. When you have a mortgage the lender has you in a death grip .

4. valid contract :- The remedy of specific performance presupposes the existence of a valid contract between the parties to the controversy. The terms of the contract must be definite and certain. This is significant because equity cannot be expected to enforce either an invalid contract or one that is so vague in its terms that equity cannot determine exactly what it must order each party to perform. It would be unjust for a court to compel the performance of a contract according to ambiguous terms interpreted by the court, since the court might erroneously order what the parties never intended or contemplated.

Void contract :- A contract that meets any of the following criteria:
(1) it is illegal from the moment it is made; (2) it is legal but declared null by the courts because it violates a fundamental principle such as fairness, or is contrary to public policy; (3) it becomes void due to changes in law or in government policy; or (4) it has been fully performed.
Lack of capacity to contract (such as arises from being an infant or minor, intoxicated, or insane) automatically makes a contract void. A contract that is void only in one or few parts may be saved by the process of severance. Not to be confused with voidable contract. www.google.com
Voidable contract : - A contract that has legal effect and force when it is made, but is liable to be subsequently annulled or set aside by the courts through the process of rescission.
Circumstances or features that make a contract voidable include (1) non-disclosure of one or more material facts, (2) misrepresentation, (3) mutual mistake, (4) lack of free will of a contracting party, or presence of one contracting party's undue influence over the other, and (5) a material breach of the terms of the contract. A contract that is voidable in only one or few parts may be saved by the process of severance. Not to be confused with void contract. www.google.com

5. Definition of immovable property :- Property has a very wider meaning in its real sense. It not only includes money and other tangible things of value, but also includes any intangible right considered as a source or element of income or wealth. The right and interest which a man has in lands and chattels to the exclusion of others. It is the right to enjoy and to dispose of certain things in the most absolute manner as he pleases, provided he makes no use of them prohibited by law.

The sea, the air, and the like, cannot be appropriated; every one may enjoy them, but no one has any exclusive right in them. When things are fully our own, or when all others are excluded from meddling with them, or from interfering about them, it is plain that no person besides the proprietor, who has this exclusive right, can have any claim either to use them, or to hinder him from disposing of them as he pleases; so that property, considered as an exclusive right to things, contains not only a right to use those things, but a right to dispose of them, either by exchanging them for other things, or by giving them away to any other person, without any consideration, or even throwing them away.

Basically Property is divided into real property, and personal property. Property is also divided, into absolute and qualified, when it consists of goods and chattels.

Absolute property is that which is our own, without any qualification whatever; as when a man is the owner of a watch, a book, or other inanimate thing: or of a horse, a sheep, or other animal, which never had its natural liberty in a wild state.

Qualified property consists in the right which men have over wild animals which they have reduced to their own possession, and which are kept subject to their power; as a deer, a buffalo, and the like, which are his own while he has possession of them, but as soon as his possession is lost, his property is gone, unless the animals, go animo revertendi.

Property is again divided into corporeal and incorporeal. The former comprehends such property as is perceptible to the senses, as lands, houses, goods, merchandise and the like; the latter consists in legal rights, as chooses in action, easements, and the like.

It is proper to observe that in some cases, the moment that the owner loses his possession, he also loses his property or right in the thing: animals ferae naturae, as mentioned above, belong to the owner only while he retains the possession of them. But, in general,' the loss of possession does not impair the right of property, for the owner may recover it within a certain time allowed by law.

Meaning and Definition of Property
Meaning of property
In general sense, property is any physical or virtual entity that is owned by an individual or jointly by a group of individuals. An owner of the property has the right. Human life is not possible without property. It has economic, socio-political, sometimes religious and legal implications. It is the legal domain, which institutes the idea of ownership. The basic postulate of the idea is the exclusive control of an individual over some ‘thing’. Here the most important aspect of the concept of ownership and property is the word ‘thing’, on which a person has control for use. To consume, sell, rent, mortgage, transfer and exchange his property. Property is any physical or intangible entity that is owned by a person or jointly by a group of people. Depending on the nature of the property, an owner of property has the right to consume, sell, rent, mortgage, transfer, exchange or destroy their property, and/or to exclude others from doing these things. [1]
There are some Traditional principles related to property rights which includes include:
1. Control over the use of the property.
2. Right to take any benefit from the property.
3. Right to transfer or sell the property.
4. Right to exclude others from the property.

Definition of property
There are different definitions are given in different act as per there uses and needs. But in the most important act which exclusively talks about the property and rights related to property transfer of property act 1882 has no definite definition of the term property. But it is defined in some other act as per their use and need. Those definitions are as follows:

Section 2(c) of the Benami Transactions (Prohibition) Act, 1988 defines property as:

“Property” means property of any kind, whether movable or immovable, tangible or intangible, and includes any right or interest in such property.

Section 2 (11) of the Sale of Good Act, 1930 defines property as:

“Property” means the general property in goods, and not merely a special property.

Theories behind concept of property:-

There are many theories which have been evolved for the purpose of understanding the concept of property properly.

Those theories are as follows:

1. Historical Theory of Property:

2. Labour Theory (Spencer):

3. Psychological Theory (Bentham):

4. Functional Theory ( Jenks, Laski):

5. Philosophical Theories–
(i) Property as a means to Ethnical Ends

(ii) Property as an End in itself

Historical Theory of Property

According to the Historical theory, the concept of private property had grown out of collective group or joint property. In the words of Henry Maine, “Private property was chiefly formed by the gradual disentanglement of the separate rights of individual from the blended rights of the community.

Earlier property did not belong to individuals, not even to isolated families, but the larger societies composed on patriarchal mode. Later with the disintegration of family- individual rights came into being.

Roscoe Pound also pointed out that the earliest form of property was group property. It was later on that families were partitioned and individual property came into being.

Labour Theory (Spencer)

The theory is also known as ‘positive theory’. This theory insists on the fact that labour of the individual is a foundation of property. This theory says that, a thing is the property of a person, who produces it or brings it into existence. The main supporter of this theory is Spencer, who developed it on the principle of equal freedom. He says that property is the result of individual labour. Therefore, no person has a moral right to property which he has not acquired by his personal effort.

Psychological Theory (Bentham)

According to this theory, property came into existence on account of acquisitive instinct of man. Every individual desires to own things and that brings into being property.

According to Bentham, Property is altogether a conception of mind. It is nothing more than an expectation to derive certain advantages from the object according to one’s capacity.

Roscoe Pound also supports Bentham and observed that the sole basis of conception of property is the acquisitive instinct of individual which motivates him to assert his claim over objects in his possession and control.

Functional Theory ( Jenks, Laski)

The theory is sometimes also known as ‘sociological theory of property’. It implies that the concept of property should not only be confined to private rights but it should be considered as a social institution securing maximum interests of society. Property is situated in the society, has to be used in the society.

According to Jenks, no one can be allowed an unrestricted use of his property, to the detriment to others. He said that the use of property should conform to the rules of reason and welfare of the community.

According to Laski, Property is a social fact like any other, and it is the character of social facts to alter. Property has further assumed varied aspects and is capable to further change with the changing norms of society.

Property is the creation of the State
The origin of property is to be traced back to the origin of law and the state. Jenks observed that property and law were born together and would die together. It means that property came into existence when the state framed laws. Property was nowhere before law.

According to Rousseau, “It was to convert possession into property and usurpation into a right that law and state were founded”.

The first who enclosed a piece of land and said- ‘this is mine’- he was the founder of real society.

He insisted on the fact that property is nothing but a systematic expression of degrees and forms of control, use and enjoyment of things by persons that are recognized and protected by law. Thus the property was the creation of the state.

Philosophical Theories –
Property as a means to Ethnical Ends

In the opinion of Aristotle, Hegel and Green, Property has never been treated as an end, but always as a means to some other end. According to Aristotle, it may be a means to the end of good life of the citizens, further in the opinion of Hegel and Green, it may be a means to the fulfillment of the will without which individuals are not full human. According to Rousseau, Jefferson, Friedman, it may be a means as a pre-requisite of individual freedom seen as a human essence.

Similarly the outstanding critics of property like Winstanley, Marx have denounced it as destructive of human essence, a negative means in relation an ontological end.

In all the above cases, property is taken as a means not as an end.
Property as an End in itself
The supporters of liberal Utilitarian model, from Locke to Bentham, recognize property as an end. It is maximization of utilities. According to Bentham, the command of utilities is measured by the material wealth. The maximization of material wealth is indistinguishable from the ethical end; property is virtually an end in itself. In the words of Locke, the unlimited accumulation is a natural right of the individual that is an end in itself. Aristotle and Aquinas have considered, ‘’property as a means, concluded for a limited property right. Hegel and Green, treats property, as a means, concluded for an unlimited right’. The supporters of utilitarian tradition treat, accumulation of property, as an end, always meant a right of unlimited accumulation.

Later the concept changed and the utilitarian Bentham held that the ultimate end to which all social arrangements should be directed was the maximization of the aggregate utility (Pleasure minus pain) of the members of the society. While listing out the kinds of pleasures, including non material one, he held that wealth, the possession of material goods was so essential to the attainment of all other pleasures that it could be taken as the measure of pleasure or utility as such.

Kinds of property
Broadly Property is divided into three kinds those are as follow:

Movable and Immovable property
Movable property
The definition of movable property is given differently in many acts. Some of the definitions are as follows:

Section 3 (36) of the General Clauses Act defines movable property as:

'Movable property shall mean property of every description, except immovable property."

Section 2 (9) of the Registration Act, 1908 defines property as:

'Moveable property' includes standing timber, growing crops and grass, fruit upon and juice in trees, and property of every other description, except immovable property."

Section 22 of IPC defines property as:

The words “moveable property” is intended to include corporeal property of every description, except land and things attached to the earth or permanently fastened to anything, which is attached to the earth.

Things attached to the land may become moveable property by severance from the earth.for example Cart–loaded of earth, or stones quarried and carried away from the land become movable property.

Immovable property
The Term "Immovable Property" occurs in various Central Acts. However none of those Acts conclusively define this term. The most important act which deals with immovable property is the Transfer of Property Act (T.P.Act). Even in the T.P.Act this term is defined in exclusive terminology.

i. According to Section 3 of that Act, "Immovable Property" does not include standing timber, growing crops or grass. Thus, the term is defined in the Act by excluding certain things. "Buildings" constitute immovable property and machinery, if embedded in the building for the beneficial use thereof, must be deemed to be a part of the building and the land on which the building is situated.

ii. As per Section 3(26) of the General Clauses Act 1897, "immovable property" "shall include land, benefits to arise out of land and things attached to the earth, or permanently fastened to anything attached to the earth". This definition of immovable property is also not exhaustive;

iii. Section 2(6) of The Registration Act,1908 defines "Immovable Property" as under:

"Immovable Property includes land, building, hereditary allowances, rights to ways, lights, ferries, fisheries or any other benefit to arise out of land, and things attached to the earth or permanently fastened to anything which is attached to the earth but not standing timber, growing crops nor grass".

The definition of the term "Immovable Property" under the Registration Act 1908, which extends to the whole of India, except the State of Jammu and Kashmir, is comprehensive. The above definition implies that building is included in the definition of immovable property.

The following have been held as immovable property.

A right to collect rent, life interest in the income of the immovable property, right of way, a ferry, fishery, a lease of land.

iv. The term "Immovable Property" is defined in other Acts for the purpose of those Acts. As per Section 269UA(d) of the Income Tax Act, 1961, Immovable Property is defined as under :

a. Any land or any building or part of a building, and includes, where any land or any building or part of a building is to be transferred together with any machinery, plant, furniture, fittings or other things, such machinery, plant, furniture, fittings and other things also.

Any rights in or with respect to any land or any building or part of building (whether or not including any machinery, plant, furniture, fittings or other things therein) which has been constructed or which is to be constructed, accruing or arising from any transaction (whether by way of becoming a member of, or acquiring shares in, a co-operative society, or other association of persons or by way of any agreement or any arrangement of whatever nature, not being a transaction by way of sale, exchange or lease of such land, building or part of a building.

Tangible and Intangible property:
Tangible property
Tangible property refers to any type of property that can generally be moved (i.e., it is not attached to real property or land), touched or felt. These generally include items such as furniture, clothing, jewellery, art, writings, or household goods.

Intangible property:
Intangible property refers to personal property that cannot actually be moved, touched or felt, but instead represents something of value such as negotiable instruments, securities, service (economics), and intangible assets including chose in action

Intellectual property
Intellectual property is a term referring to a number of distinct types of creations of the mind for which property rights are recognized—and the corresponding fields of law.

Property does not just comprise of tangible things like houses, cars, furniture, currency, investments etc and such assets are not the only kind that can be protected by law. There are many other forms of intangible property known as intellectual property that have been recognized under the law and granted protection against infringement

Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designs. Patents, trademarks and copyrights, designs are the four main categories of intellectual property.

Patents
Patents are used to protect new product, process, apparatus, and uses providing the invention is not obvious in light of what has been done before, is not in the public domain, and has not been disclosed anywhere in the world at the time of the application. The invention must have a practical purpose. Patents are registrable nationally; the patent granted by European Patent Office is a “bundle” of national patents. No EU-wide single patent system exists to date, although the Community Patent is in the final stages of enactment. Registration provides a patentee the right to prevent anyone making, using, selling, or importing the invention for 20 years. Patents are enforced by court proceedings. In addition, the Regulation on Supplementary Protection Certificates (SPCs), grants “patent extensions” of up to 5 years to pharmaceutical and plant products, providing as much as 25 years of patent life for originator medicines.

Trade Marks
A symbol (logo, words, shapes, a celebrity name, jingles) used to provide a product or service with a recognisable identity to distinguish it from competing products. Trademarks protect the distinctive components which make up the marketing identity of a brand, including pharmaceuticals. They can be registered nationally or internationally, enabling the use of the symbol ®. Trade mark rights are enforced by court proceedings in which injunctions and/or damages are available. In counterfeiting cases, authorities such as Customs, the police, or consumer protection can assist. An unregistered trade mark is followed by the letters ™. This is enforced in court if a competitor uses the same or similar name to trade in the same or a similar field.

Design Registration
Design registrations are used to protect products distinguished by their novel shape or pattern. They are available for one-off items. The design itself must be new, although a 1 year grace period is allowed for test-marketing. Registration is not possible where the new form is dictated by function. The design is registrable either nationally or under an EU-wide single right. It can also be protected by copyright.

Conclusion
The existence of concept of property is from the ancient period. This concept has a very broad history. There are many philosophies laid down by many thinkers like Bentham, Laski. These philosophies are very helpful in understanding the concept of property. The main finding was that the term property is defined in different ways in each act as to its use. As in Sale of Goods act 1930 it is defined differently than in Benami Transactions (Prohibition) Act, 1988. In transfer of property act which is most important act which deals with property does not have definition of the term property. There are many kinds of property as to it uses.

In today’s era, not only the things which can be seen or touched but also the things which cannot be touched or seen come in the purview of property. Such as idea innovation, composition etc. These properties are known as intellectual property.

Bibliography:-
Tripathi, G.P. The Transfer of Property Act, (Allahabad: Central Law Agency) 2008.
Sarathi, P. Vepa, Law of Transfer of property, (Lucknow: Eastern book company) 2010.
Shukla, S.N. Transfer of Property Act, (Allahabad: Allahabad Law House) 2008.
Saxena, Poonam Pradhan, Property Law (Nagpur: Lexis Nexis Butterworths Wadhwa) 2006.
6. Contents of transfer of properties Act :-

 

Transfer of Property Act 1882

CONTENTS
Sections	Particulars
1	Short title Commencement Extent
2	Repeal of Acts-Saving of certain enactments, incidents, ri
3	Interpretation clause
4	Enactments relating to contracts to be taken as part of C
5	Transfer of property defined
6	What may be transferred
7	Persons competent to transfer
8	Operation of transfer
9	Oral transfer
10	Condition restraining alienation
11	Restriction repugnant to interest created
12	Condition making interest determinable on insolvency or a
13	Transfer for benefit of unborn person
14	Rule against perpetuity
15	Transfer to class some of whom come under sections 13 and
16	Transfer to take effect on failure of prior interest
17	Direction for accumulation
18	Transfer in perpetuity for benefit of public
19	Vested interest
20	When unborn person acquires vested interest on transfer f
21	Contingent interest
22	Transfer to members of a class who attain a particular ag
23	Transfer contingent on happening of specified uncertain e
24	Transfer to such of certain persons as survive at some pe
25	Conditional transfer
26	Fulfilment of condition precedent
27	Conditional transfer to one person coupled with transfer
28	Ulterior transfer conditional on happening or not happeni
29	Fulfilment of condition subsequent
30	Prior disposition not affected by invalidity of ulterior
31	Condition that transfer shall cease to have effect in cas
32	Such condition must not be invalid
33	Transfer conditional on performance of act, no time being
34	Transfer conditional on performance of act, time being sp
35	Election when necessary Exception to the last preceding f
36	Apportionment of periodical payments on determination of
37	Apportionment of benefit of obligation on severance
38	Transfer by person authorised only under certain circumst
39	Transfer where third person is entitled to maintenance
40	Burden of obligation imposing restriction on use of land
41	Transfer by ostensible owner
42	Transfer by person having authority to revoke former tran
43	Transfer by unauthorised person who subsequently acquires
44	Transfer by one co-owner
45	Joint transfer for consideration
46	Transfer for consideration by persons having distinct int
47	Transfer by co-owners of share in common property
48	Priority of rights created by transfer
49	Transferees right under policy
50	Rent bona fide paid to holder under defective title
51	Improvements made by bona fide holders under defective ti
52	Transfer of property pending suit relating thereto
53	Fraudulent transfer
53A	Fraudulent transfer
54	Sale- defined Sale how made Contract for sale
55	Rights and liabilities of buyer and seller
56	Marshalling by subsequent purchaser
57	Provision by Court for encumbrances and sale freed theref
58	Mortgage, mortgagor, mortgagee, mortgage-money and mor
59	Mortgage when to be by assurance
59A	References to mortgagors and mortgagees to include pers
60	Right of mortgagor to redeem Redemption of portion of mor
60A	Obligation to transfer to third party instead of re-tran
60B	Right to inspection and production of documents
61	Right to redeem separately or simultaneously
62	Right of usufructuary mortgagor to recover possession
63	Accession to mortgaged property Accession acquired in vir
63A	Improvement to mortgaged property
64	Renewal of mortgaged lease
65	Implied contracts by mortgagor
65A	Mortgagors power to lease
66	Waste by mortgagor in possession
67	Right to foreclosure or sale
67A	Mortgagee when bound to bring one suit on several mortga
68	Right to sue for mortgage-money
69	Power of sale when valid
69A	Appointment of receiver
70	Accession to mortgaged property
71	Renewal of mortgaged lease
72	Right of mortgagee in possession
73	Right to proceeds of revenue sale or compensation on acqu
74	[Repealed]
75	[Repealed]
76	Liabilities of mortgagee in possession Loss occasioned by
77	Receipts in lieu of interest
78	Postponement of prior mortgagee
79	Mortgage to secure uncertain amount when maximum is expre
80	[Repealed]
81	Marshalling securities
82	Contribution to mortgage-debt
83	Power to deposit in Court money due on mortgage Right to
84	Cessation of interest
85	[Repealed]
86	[Repealed]
87	[Repealed]
88	[Repealed]
89	[Repealed]
90	[Repealed]
91	Persons who may sue for redemption
92	Subrogation
93	Prohibition of tacking
94	Rights of mesne mortgagee
95	Right of redeeming co-mortgagor to expenses
96	Mortgage by deposit of title-deeds
97	[Repealed]
98	Rights and liabilities of parties to anomalous mortgage
99	[Repealed]
100	Charges
101	No merger in case of subsequent encumbrance
102	Service or tender on or to agent
103	Notice, etc., to or by person incompetent to contract
104	Power to make rules
105	Lease defined Lessor, lessee, premium and rent defined
106	Duration of certain leases in absence of written contrac
107	Leases how made
108	Rights and liabilities of lessor and lessee
109	Rights of lessors transferee
110	Exclusion of day on which term commences Duration of lea
111	Determination of lease
112	Waiver of forfeiture
113	Waiver of notice to quit
114	Relief against forfeiture for non-payment of rent
114A	Relief against forfeiture in certain other cases
115	Effect of surrender and forfeiture on under-leases
116	Effect of holding over
117	Exemption of leases for agricultural purposes
118	Exchange defined
119	Right of party deprived of thing received in exchange
120	Rights and liabilities of parties
121	Exchange of money
122	Gift defined
123	Transfer how effected
124	Gift of existing and future property
125	Gift to several of whom one does not accept
126	When gift may be suspended or revoked
127	Onerous gifts
128	Universal donee
129	Saving of donations mortis causa and Muhammadan Law
130	Transfer of actionable claim
130A	Transfer of policy of marine insurance
131	Notice to be in writing, signed
132	Liability of transferee of actionable claim
133	Warranty of solvency of debtor
134	Mortgaged debt
135	Assignment of rights under policy of insurance against f
135A	Assignment of rights under policy of marine insurance
136	Incapacity of officers connected with Courts of Justice
137	Saving of negotiable instruments, etc
	schedule

7 . Capability of parties : - "I stress the word capacity and distinguish it from legal right because these two words describe different legal concepts.
"The Shorter Oxford Dictionary defines capacity as meaning, the power, ability, or faculty for anything in particular ... capability, possibility ....position, condition, character, relation ... qualification. All these words allude to some characteristic internal to a thing or person, something inherent."
In Mortgentaler, at ¶43, Justice Drapeau wrote:
"Legal capacity to commence or continue an action refers to the plaintiff's status as a legal person. As the authors of Canadian Civil Procedure point out in their discussion regarding the unborn's capacity to sue, 'a civil proceeding may be instituted only by a being or entity that enjoys the status of a legal person.'"
In Locus Standi – A Commentary on the Law of Standing in Canada, then-professor Thomas Cromwell (later, justice of Canada's Supreme Court) wrote:
"[C]apacity to sue may be distinguished from standing.
"Capacity has been defined as the power to acquire and exercise legal rights. In the context of the capacity of parties to sue and be sued, to say that a party lacks such capacity is to acknowledge the existence of some procedural bar to that party's participation in the proceedings – one that is personal to a party ... and imposed by law for one or more of various reasons of policy usually quite divorced from the substantive merits….
"Problems of capacity to sue typically involve questions about whether the party is a legal person, that is, one having the general right to commence or defend judicial proceedings. The rules relating to whether infants, mental incompetents and unincorporated associations may sue all relate to the question of capacity, that is whether these entities have the power "to exercise legal rights...."
"The distinction between capacity and standing is that capacity generally depends on the personal characteristics of the party divorced from the merits of the proceeding or the nature of the question in issue in it. It concerns the right to initiate or defend legal proceedings generally. Standing is concerned with the appropriateness of the court's dealing with the particular issue presented at the instance of the particular plaintiff. It is more concerned with the nature of the issue and the context in which it is raised than with the personal characteristics such as age, mental capacity, etc., of the plaintiff. A party may have capacity to sue but lack standing."¹
In Dallas Fort Worth, Justice Richter reiterated the oft-quoted distinction between capacity and standing, in the context of litigation:
"A plaintiff has standing when he is personally aggrieved, regardless of whether he acts with legal authority; a party has capacity when it has legal authority to act, regardless of whether it has a justiciable interest in the controversy."