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Prof. Jenny Pinto delivered this lecture for Technical Writing course at Laxmibai National Institute of Physical Education. It includes: Contract, Sale, Existing, Goods, , Transfer, Property, Essentials, Transaction, Agreement, Future
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Contract of Sale of Goods is a contract in which the seller transfers of agrees to transfer the property in goods to the buyer for a price.
Transfer of Property:
1.Existing Goods Goods owned or possessed by the seller at the time of contract of sale. (a)Specific Goods The goods identified and agreed upon at the time of contract of sale are calledspecific goods. (b)Unascertained Goods that are not identified and agreed upon at the time of sale. The ownershipof goods is not transferred to the buyer until the goods are indentified.
2. Future Goods Goods which are not possessed by the seller at the time of sale but will bemanufactured, produced or acquired by the seller after making the contract. The seller can only make an agreement to sell the future goods. 3. Contingent Goods Goods which are not in existence at the time of sale, but will come into existenceon happening of a certain event. A contract of sale of contingent goods is enforceable when the contingency happens on which the performance ofcontingent contract depends. I f the event does not happen, the contract become void.
The goods are said to be destroyed in the following circumstances:
(a) The goods have lost their commercial value as a result of damage.
(b) Loss of goods by theft.
(c) When goods are lawfully confiscated by the Govt.
Following are the implied conditions in a contract of sale:
1. Condition of Title: The seller has a right to sell the goods. 2.Sale by Description: The goods must correspond with the description. 3. Sale by Sample: The goods mist be supplied according to the sample agreed. Bulk of goods must correspond with the sample. Buyer has a reasonable opportunity to inspect goods. Goods must be free from defects apparently.
4 Sale by Sample and Description: Bulk of goods must correspond with sample and description.
5. Condition of Fitness and Quality: Where the buyer informs the seller about the particular purpose for which goods are required, the goods must be reasonably fit for such purpose. 6. Condition of Merchantability: Goods must be fit for the purposes for which they are generally used. The goods must be free from hidden defects.
1. Quiet Possession: The buyer shall have the possession and enjoyment of goods without disturbance from the seller. 2. Freedom from Encumbrances: Freedom from encumbrances in favor of any third party. **3. Usage of Trade:
Let the buyer beware.
Transfer of property means that the buyer becomes the owner of goods.
Rules Regarding Transfer of Property:
1. Unascertained Goods:
When there is contract of sale of unascertained or future goods, the buyer does not become the owner unless the goods are ascertained.
2. Intention of Parties: In case of sale of specific goods the buyer becomes the owner as per the terms of contract visa at the time of contract, or when goods are delivered, or when the payment is made. 3. Goods in Deliverable State: When there is an unconditional sale of specific goods, the buyer becomes the owner as soon as the goods are in a deliverable state.
6. Unconditional Appropriation: W hen there is a contract of sale of unascertained or future goods by description, the ownership passes to the buyer when such goods of that description are put in a deliverable state by the seller and are unconditionally appropriated to the contract. 7.Delivered to the Carrier: Delivery of goods to the carrier is considered as delivery to the buyer.
8. Goods delivered on Approva l:
When goods are delivered to the buyer on approval or ‘on sale or return’ or other similar terms, the ownership passes to the buyer: When he gives acceptance to the seller When he retains the goods without giving a notice of rejection