Section 2(7) of the Sale of Goods Act 1930 defines Goods. There are three types of Goods, Existing Goods, Future Goods and Contingent Goods.
Meaning and Definition of Goods
Section 2(7) of the Sale of Goods Act defines Goods... According to Section 2(7) of the Said Act 1930 "Goods" means every kind of movable property other than actionable claims and money; and includes stock and shares, growing crops, grass, and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale.
The Scope of the definition of the word "goods" under the Indian Sale of Goods Act is wider than that under the English Act.
3) Kinds of Goods -
There are three types of Goods which are as follows -
(a) Existing Goods
(b) Future Goods and
(c) Contingent Goods
(a) Existing Goods - In this types of goods, Goods are owned and possessed by the Seller at the time of the making of the Contract of Sale.
A sells 5 bags of Sugar to B, which is laying down in the Godown... The Suger Bags are called "existing goods.
Existing goods may be divided into specific goods and Uncertain Goods.
i) Specific Goods - Goods identified and agreed upon at the time of sale is made are called "specific goods"
ii) Uncertain Goods - Goods which are not identified at the time of making the contract of sale are called uncertain Goods.
(b) Future Goods and -
According to Section 2(6) of the said Act, "future goods" means goods to be manufactured or produced or acquired by the seller after the making of the contract of sale.
X agrees to Sell Y, the grass to be grown on his land next month.
(c) Contingent Goods - Contingent Goods means "goods" the acquisition of which by the seller depends upon a contingency of happening or non-happening of an event.
"ABC" agrees to sell a land to "XYZ" if he wins the race. ABC's title is subject to the contingency of winning and hence the land is called Contingent Goods.
Essential Elements of Contract of Sale
Kinds of Agents
Duties and Liabilities of Bailor (Indian Contract Act 1872)