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Thursday, 11 August 2011

Define the term goods and explain the various types of goods

It is defined in the following words, "Goods mean every kind of moveable property other then actionable claims on money and includes stocks, shares, growing crops."

Following are the important kinds of goods :

1. Existing Goods :-
The seller possessing the goods at the time of entering into contract are called existing goods. The goods must be in actual existence. It has two kinds :

i. Specific Goods :- When goods are identified and agreed upon at the time of contract of sale are called specific goods. In this case contract completes by delivering two goods agreed upon.

Example :- "X" agrees to sell "Y" a Honda motor cycle which bears number, it is a contract so specified goods.

ii. Unascertained Goods :- If the goods cannot be identified separately at the time of contract, it is called unascertained good. Such type of gods are described by sample or description. In this case seller is not bound to supply any particular good.

Example :- If "A" agrees to sell "B" one hen out of 100 living in shed. It is a contract of unascertained goods.

2. Future Goods :-
Such type of goods are not in the possession of the seller and not available at the time of contract. Future goods are produced or acquired by the seller after making the contract. So there may be agreement to sell for future goods.

Example :- Mr. Zain agrees to sell Mr. Jack a computer which he will import after a month. It is contract of sale.

3. Contingent Goods :-
Such goods are not available at the time of contract like future goods. The acquisition of the such goods by the seller depends upon contingency which may happen or not.

Example :- Mr. Dane agrees to sell Mr. George the diamond provided he is able to import. It is a contract for the sale of contingent goods.


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