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Sale-the property in goods passes from seller to buyer immediately. Agreement to sell-property in goods passes from seller to buyer at some future date or subject to fulfillment of certain condition.
Definition: A futures contract is a contract between two parties where both parties agree to buy and sell a particular asset of specific quantity and at a predetermined price, at a specified date in future.
The difference between a sale and an agreement to sell is that a sale transfers ownership of goods immediately, while an agreement to sell only promises to transfer ownership at a future date or upon certain conditions.
Example: 'X' sold 10 bags of Rice to 'Y' against payment of Rs. 5,000. Example: 'X' agrees to sell 10 bags of Rice to 'Y' for Rs. 5,000 after getting the stock.