The Sale of Goods Act, 1930 - [Unit - 1]. Flashcards
Kinds of Goods.
Existing Goods [Section 6] - Goods that are in existence at the time of the contract of sale are made.
Specific Goods [Section 2(14)] - Goods that are identified and agreed upon at the time of the contract of sale are made.
Ascertained Goods - Goods that are identified in accordance with the agreement after the contract of sale is made. When from a lot or out of large quantity, the number of goods contracted is identified, such identified goods are called ascertained goods.
Unascertained Goods - Goods that are not specifically identified or ascertained at the time of the making of the contract. They are indicated or defined through description or sample.
Future Goods [Section 2(6)] - Goods that are to be manufactured or produced or acquired by the seller after the contract of sale is made are called future goods.
Contingent Goods [Section 6(2)] - The acquisition of which by the seller depends upon a uncertain contingency are called Contingent Contracts.
Goods perishing before making the contract.
[Section 7] - Where there is a contract for the sale of specific goods, the contract is void if the goods without the knowledge of the seller have, at the time when the contract was made, perished or become so damaged as no longer to answer to their description in the contract.
Goods perish before sale but after an agreement to sell.
[Section 8] - Where there is an agreement to sell specific goods, and subsequently the goods without any fault on the part of the seller or buyer perish or become so damaged as no longer to answer to their description in the agreement before the risk passes to the buyer, the agreement is thereby avoided.
