The SALE OF GOODS ACT, 1930

Contract of Sale

Contract of Sale of goods is a contract whereby the seller transfers or agree to transfer the property or ownership in goods to the buyer for a price.

Contract of Sale includes both a sale and an agreement to sell.

ESSENTIAL ELEMENTS :-

1. Two parties
2. Goods
3. Transfer of property
4. Price
5. Essential elements of a valid contract




TYPES OF GOODS:-



1. Existing goods
2. Future goods
3. Contingent goods




1. Existing goods :-

Existing goods are those goods which are existing at the time of contract of sale.

Existing goods are of three types i.e, Specific goods , Ascertain goods, and Unascertain goods.


2. Future goods :-

Future goods are those goods which are not existing at the time of contract to sale.

Future goods are to be manufactured or produced after the contract of sale is made.


3. Contingent goods :-

Contingent goods are those goods which are based on uncertain events.

For example, a ship is coming from United States. If the ship reaches the Indian port, then the goods will be delivered. But if the ship is destroyed by sea waves or the ship is looted by the sea robbers then it will not be able to reach the Indian port and the goods will not be delivered.