Business Environment and Law-Sale Of Goods Act 1930
Kinds Of Goods-Sale Of Goods Act 1930
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The goods are classified by sec 6, as follows:
Kinds Of Goods
The goods are classified by sec 6, as follows:
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,
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.
Tags : Business Environment and Law-Sale Of Goods Act 1930
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