Intro…. : Intro…. According to Section 4(1) “a contract of sale of goods is a contract whereby the seller transfer or agrees to transfer the property in goods to the buyer for a certain price”
Explanation…. : Explanation…. A contract of sale can be absolute or conditional.
According to Section 4(3) “when to right of ownership of the goods is transferred from the seller to the buyer under a contract, the transaction is called a Sale.
When the transfer of ownership is to be made at some future date , or is to made on the fulfillment of some condition , the contract is called Agreement to Sell.
Characteristics….. : Characteristics….. Buyer & Seller:- The person who buys the goods or makes an agreement to buy is called the buyer. & the person who sells goods or makes an agreement to sell is called the seller.
Goods:- The subject-matter of the contract of the sale is essential the goods, are moveable property other than actionable claims & money
Price:- Goods are always sold for a price.
Transfer of ownership:- The transfer of ownership can be at the time of making the contract or it can be at a future date.
Diff. b/w Sale & Agreement of sell : Diff. b/w Sale & Agreement of sell
Contract of Sale Vs. Other Contract : Contract of Sale Vs. Other Contract Sale Vs. Barter:- when goods are exchanged for goods is know as barter deal. A sale implies reimbursement for goods sold in terms of money, so in this case barter deal is not a sale.
Sale Vs. Gift:- in case of gift, the transfer of ownership does not involve any kind of expense.
Sale Vs. Bailment:- the buyer acquires the possession of goods from the seller in return for a consideration in money & becomes the lawful owner of the goods, but in bailment one person is the bailor who give the possession of goods to another for a specific objective, after fulfill the objective the bailee is bound to return the good back to bailor
Types of Goods…… : Types of Goods……
Slide 8: Existing goods:- These are those goods that are owned by seller at the time of making the contract.
Specific Goods:- these are those goods which are identified by both parties.
Generic Goods:- existing goods that have not been specifically identified by the parties.
Future goods:- goods that are not in possession of the seller at the time of the contract.
Contingent goods:- these are same future goods, the acquisition of which by the seller is dependent on a contingency which may or may not happen
References…… : References…… Business regulatory framework
by Dr. Ashok Sharma
THANK YOU : THANK YOU