Abstract
As we know that prior under section 76 to 123 of Indian contact Act 1872 was contained separate enactment of law regarding Sale of Goods Act.however , this section of the contract Act have been repealed by the sale of Goods Act. The sales of goods act consist of the basic principle as well as the legal frame work of transaction of sales and purchase. Under section 4 of this act says that “a contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price.
REQUISITE ELEMENT FOR CONTRACT OF SALE : there are just 4 types parties , price, goods and transfer of general property .
TYPES OF SALE OF GOODS EXISTING GOODS: Existing goods are goods that physically exist and belong to the seller at the time of contract of sale. Existing goods can be futher divided into three categories: Specific goods,Ascertained goods , Unacertained goods . future goods are goods that are not yet in existence when the contact of sale is sale made. Contingent goods are parts of sale contract that has some contingency clause in it.
In the conclusion of this act sales of goods act 1930 is to regulate the sector of mercantile to selling and buying the goods.
Key words :- Goods, Sale , contract , property, price , transfer , seller , buyer.
Preface
Sale of Goods Act came into force on 1st July 1930 and this act contains sixty six sections. As we know that prior under section 76 to 123 of Indian contact Act 1872 was contained separate enactment of law regarding Sale of Goods Act. however , this section of the contract Act have been repealed by the sale of Goods Act. The sales of goods act consist of the basic principle as well as the legal frame work of transaction of sales and purchase.
Firstly we have to understand what is contract of sale. Under section 4(1) of this act says that “a contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price. There may be a contract of sale between one part-owner and another”. Under the term contract of sale is a generic term and comprise both sales and an agreement to sell. So,contract of sale is of two types :-
Sale : executed contract of sale is called sale .
Agreement of sell : contract of sale is to be executed in future , it is agreement to sell.
REQUISITE ELEMENT FOR CONTRACT OF SALE
- Involvement of two parties :-
This is one of the vital element of contact of sale . There must be buyer and seller two different party . seller means a person who sells or agree to sell goods that deal under section 2(13). Section 2(1) of this act deal concerning buyer means a person who buys or agrees to buy goods . Both party must be competent to affect a contract of sale .
- The subject matter must be Goods:-
Under this Act always must be some goods and the property in which goods is or is to be transferred from the seller to the buyer. The subject matter of the goods always must be movable. We always should keep in the mind that transfer of immovable property is not regulated by this Act. Now question is that what kinds of goods are include …?
Lets understand as per section 2(7) which dealing the terms “Goods” means every kind of moveable 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.
In a simple terms we can say that , share and stocks are also defined as goods by the Act. The term actionable claims mean those claims which are eligible to be enforced or initiated by a suit or legal action. This means that those claim where an action such s recovery by auction, suit , refunds etc . could be initiated to recover or realize the claim.
- Price :-
For all transaction of sale price is very significant and without considersation the transfer is not regarded as a sale. Normally price means money and price can be paid fully in cash or it can be partly and partly promised to be paid in future. Before the conveyance of the property the price to be fixed by the agreement between the party.
4.TRANSFER OF GENERAL PROPERTY:-
There must be transfer of property to the contract of sale from the seller to the buyer. The “general property” means to ownership of goods. The mode of transfer of property two types:
- Transfer of general property – when an owner owns a particular property, it is know as general property in the goods.
- Special property – when anybody pledges the goods with the other party , then other party attains a special property in the goods.
TYPES OF SALE OF GOODS
- EXISTING GOODS: Existing goods are goods that physically exist and belong to the seller at the time of contract of sale. Existing goods can be futher divided into three categories:
Specific goods – These are goods that are specifically agreed upon between the seller and buyer at the time of making the contract of the sale and which are covered under the section 2(14) of the sales of goods act.
Ascertained goods – This type of goods is not define by the law but by the judicial interpretation. The term ascertained goods is used for specific goods which have been selected from a larger set of goods.
Unacertained goods – This mode of goods are agreed upon at the point of making the contract of sale but are not specifically identified in the contract.
- FUTURE GOODS: This types of goods are goods that are not yet in existence when the contact of sale is sale made. There can be an agreement to sell only for future goods . There can be no sale in respect of future goods because one cannot sell what he does not possess. Future goods is defined under section 2(6) of this act.
- CONTINGENT GOODS: However, contingent goods are sort of future goods but they differ in that they are dependent on a specific contingency. Contingent goods are parts of sale contract that has some contingency clause in it.
LETS SUM
The sales of goods act 1930 is to regulate the sector of mercantile to selling and buying the goods. Always keep in mind that for the sale of goods firstly there must be contact between two parties ,secondly the seller must transfer or agree to transfer the property to the buyer and also price must be fixed .
This article is written by DEEPANJALI TIWARI,BA LLB 4TH YEAR,LCIT COLLEGE BILASPUR (C.G) during her internship.
