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SALE OF GOODS ACT

KINDS OF GOODS..
1. Existing goods.

1. Future goods.

1. Contingent goods.

Existing goods :

those which are owned or possessed by the seller at the time of the contract of sale.
( a) specific goods : e.g. specified watch or scooter. (b) ascertained goods : goods which become ascertained subsequent to the formation of a contract of sale. (c) unascertained goods : goods which are not identified and agreed upon at the contract of sale

Future goods : goods to be manufactured or produced


or acquired by the seller after making the contract of sale.

Contingent goods : contingent goods are those goods


the acquisition of which by the seller depends upon a contingency which may not happen. (sec. 6 (2)

The price..

Price means the money consideration for a sale of goods

How to fix the price..


1. By the contract : the price is a contract of sale may be
fixed by the contract between the parties.

2. In an agreement : the price may be fixed in manner


thereby agreed.

3. Valuation by third party : the price may be


left to be fixed by a third party.

4. By the course of dealings : here the price is neither


expressed in the contract nor any manner of fixing the price is agreed

5. Reasonable price : generally the market price on the date of supply is taken as the reasonable price.

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