https://www.taxtmi.com/caselaws?id=303148 A binding contract for sale arises only when the parties reach final agreement on all material terms with consensus ad idem. On the facts, the negotiations had not settled the essential conditions of sale, and the appellants' own draft and affidavit showed that the sellers' terms were not accepted as part of the bargain. Later willingness to accept altered terms could not create a contract that had not already come into existence. Non-payment of earnest money did not itself determine formation, because that payment was a term of the sale and had not become due under any concluded bargain. The overall position was that no enforceable sale agreement had been formed. en-us Mon, 22 Aug 1955 00:00:00 +0530 Wed, 06 Jul 2022 14:24:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303148 A binding contract for sale arises only when the parties reach final agreement on all material terms with consensus ad idem. On the facts, the negotiations had not settled the essential conditions of sale, and the appellants' own draft and affidavit showed that the sellers' terms were not accepted as part of the bargain. Later willingness to accept altered terms could not create a contract that had not already come into existence. Non-payment of earnest money did not itself determine formation, because that payment was a term of the sale and had not become due under any concluded bargain. The overall position was that no enforceable sale agreement had been formed. Case-Laws Indian Laws Mon, 22 Aug 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303148