Question

Classify goods under the Sale of Goods Act.

Answer 1

The term goods mean every kind of movable property other than actionable claim and money.

The goods are classified as follows:

1. Existing Goods - These goods are owned or possessed by the seller at the time of contract of sale.

Existing goods may again be divided as:

• Specific Goods - It denotes goods identified and agreed upon at the time of contract of sale.
• Ascertained Goods - The term ‘ascertained goods’ is also used as similar in meaning to specific goods.
• Unascertained Goods - These are goods which are not identified and agreed upon at the time of contract of sale.

2. Future Goods - These are goods which a seller does not possess at the time of contract of sale, but which will be manufactured or produced or acquired by him after entering into the contract.

3. Contingent Goods - These are the goods, the acquisition of which by the seller depends upon a contingency (an event which may or may not happen).