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Business Environment and Law-Sale Of Goods Act 1930

Kinds Of Goods-Sale Of Goods Act 1930

   Posted On :  08.05.2018 01:24 am

The goods are classified by sec 6, as follows:

Kinds Of Goods
 
The goods are classified by sec 6, as follows:

A. Existing goods
B. Future goods
C. Contingent goods
 

Existing goods


Existing goods are those which are owned or possessed by the seller at the time of the contract of sale.
Existing goods may be further classified into,

1. Specific goods: These are goods which are identified and agreed upon at the time of a contract of sale is made. For example, a specified watch or scooter.
2. Ascertained goods: These are the goods which become ascertained subsequent to the formation of a contract of sale.
3. Unascertained goods: These are the goods which are not identified and agreed upon at the time of the contract of sale. They are defined only by description and may form part of a lot.

Future Goods: 


Future goods means goods to be manufactured or produced or acquired by the seller after the making of the contract of sale.” [Sec.2(6)], Example: A agrees to sell to B the entire crop of Onion, that his land would yield, at Rs.10,000 per ton. This is a contract for the sale of future goods because goods are still to be produced.

Contingent goods: 


Contingent goods are those the acquisition of which by the seller depends upon a contingency which may or may not happen [Sec. 6(2)]. Example: A agrees to sell the cow to B if A inherits C’s property including the cow. C donates the entire property to a trust. The contract becomes void.

 

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