it is important to understand the essentials of contract of sale in business law before you create any contract.3 min read it is important to understand the essentials of contract of sale in business law before you create any contract. the ownership of the goods is transferred from one of the two parties to the other. for example, parties a and b both own a tv. party a can transfer complete ownership to party b because they are partners in business, and party b becomes the sole owner of the tv. while writing a contract, make sure to describe the goods for purchase exactly, including details such as weight, color, size, type, and model number. since wheat crops are considered a good, this is a valid contract of sale. every kind of movable property is a good except for cash and actionable claims. in every contract of sale, the transfer of ownership has to be agreed upon.