Transfer of Property Act, 1882 – Section 54 – a sale of an immovable property has to be for a price. The price may be payable in future. It may be partly paid and the remaining part can be made payable in future. The payment of price is an essential part of a sale covered by section 54 of the TP Act. If a sale deed in respect of an immovable property is executed without payment of price and if it does not provide for the payment of price at a future date, it is not a sale at all in the eyes of law. It is of no legal effect. Therefore, such a sale will be void. It will not effect the transfer of the immovable property.
Contract – Agency – Estate broker – Authority to negotiate a sale’ and ‘secure purchaser’ – Whether empowers broker to conclude contract – Construction of contract – Broker finding ready and willing to buy for price fixed by principal concluding contract with same purchase for lower price -Broker’s right to commission – Power of Agents – Principal. AIR 1950 SC 15 : 1950 SCR 30