Definition of Goods and Sale
According to section 2(7) of the Sale of Goods Act, 1930, Goods means every kind of movable property, other than actionable claims and money; and includes stocks, shares, growing crops, grass, and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale.
Thus we can define goods as every kind of movable property except actionable claims and money.
Types of Goods
- Specific Goods
- Future Goods and
- Generic Goods
- Specific Goods: means goods identified and agreed upon at the time of a contract of sale is made. They are also called existing goods or ascertained goods.
- Future goods: means goods to be manufactured or produced or acquired by the seller after making the contract of sale.
- Generic Goods: are unascertained goods that are not specifically identified at the time of a contract of sale is made. g. 50 kg of rice out of 500 kg of rice.
Sale: When under a contract of sale the property in the goods is transferred from the seller to the buyer, the contract is called a sale.
Agreement to sell: The transfer of property in the goods that is to take place at a future time, or subject to some conditions, thereafter to be fulfilled, it is called an agreement to sell. An agreement to sell becomes a sale when the time elapses or the conditions are fulfilled subject to which the property in the goods is to be transferred.
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