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.
Tags : Business Environment and Law-Sale Of Goods Act 1930
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