MEANING OF GOODS,CLASSIFICATION OF GOODS UNDER SALE OF GOODS ACT 1930

• MEANING OF GOODS,CLASSIFICATION OF GOODS UNDER SALE OF GOODS ACT 1930
  BUSINESS LAW
• MEANING OF GOODS
• ACCORDING TO SECTION 2(7) OF SALE OF GOODS ACT DEFINE GOODS MEANS EVERY KIND OF MOVABLE PROPERTY OTHER THAN ACTIONABLE CLAIMS AND MONEY AND INCLUDES:

1. STOCK AND SHARES
2. GROWING CROPS,GRASS,TREES AND THINGS ATTACHED TO OR FORMING PART OF THE LAND WHICH ARE AGREED TO BE SEVERED BEFORE SALE OR UNDER THE CONTRACT OF SALE

·         SPECIFICALLY THESE HAVE BEEN EXCLUDED:

1. ACTIONABLE CLAIMS
2. IMMOVABLE PROPERTY

• CLASSIFICATION
• 
  
• EXISTING GOODS
• WHICH ARE OWNED OR POSSESSED BY THE SELLER AT THE TIME OF SALE(SEC 6(1).ONLY EXISTING GOODS CAN BE SUBJECT OF SALE
• LIKE MR RAM KISHORE HAS SIX WASHING MACHINES AT HIS SHOP FOR SALE. THESE ARE EXISTING GOODS BECAUSE THEY EXIST,OWNED AND POSSESSED BY THE SELLER
• SPECIFIC GOODS:-GOOD WHICH ARE IDENTIFIED AND AGREED UPON AT THE TIME A CONTRACT OF SALE IS MADE SEC 2(14). ESSENTIAL GOODS ARE IDENTIFIED AND SEPARATED FROM OTHER GOODS AT THE TIME OF THE CONTRACT OF SALE IS MADE.
• IN CASE WE WANT TO BUY FURNITURE,FURNITURE IS IDENTIFIED BEFORE THE CONTRACT OF SALE.
• ASCERTAINED GOODS:GOODS WHICH ARE ASCERTAINED SUBSEQUENT TO THE FORMATION OF A CONTRACT OF SALE. GOODS ARE ALMOST OF EXACTLY THE SAME TYPE AND QUALITY AND THE BUYER IS TO SELECT KEEPING IN MIND THEY SHOULD NOT BE DEFECTIVE
• UNASCERTAINED GOODS:-WHEN THE GOODS ARE NOT SEPARATELY IDENTIFIED OR ASCERTAINED AT THE TIME OF MAKING A CONTRACT OF SALE . HERE THE BUYER DOES NOT SELECT BUT ARE DEFINED OR INDICATED BY DESCRIPTION
• LIKE AGREES TO SELL FIVE LITERS OF CANOLA OIL OUT OF 50 CONTAINERS OF FIVE LITERS LYING IN HIS STORE IT IS SALE OF UNASCERTAINED GOODS BECAUSE IT IS NOT KNOWN WHICH FIVE LTR CANE WILL BE SUPPLIED TO HIM
• FUTURE GOODS
• DOES NOT POSSESS AT THE TIME OF THE CONTRACT BUT WILL BE MANUFACTURED OR PRODUCED OR ACQUIRED BY HIM AFTER MAKING OF THE CONTRACT OF SALE
• P AGREED TO SELL Q ALL THE ORANGES WHICH WILL BE PRODUCED IN HIS GARDEN NEXT YEAR
• CONTINGENT GOODS
• TYPE OF FUTURE GOODS,THERE ARE THE GOODS THE ACQUISITION OF WHICH BY THE SELLER DEPENDS UPON A CONTINGENCY WHICH MAY OR MAY NOT HAPPEN
• X AGREES TO SELL Y A CERTAIN RING PROVIDED HE IS ABLE TO PURCHASE IT FROM ITS PRESENT OWNER.