Classify goods under the Sale of Goods Act.

1.	Classify goods under the Sale of Goods Act.
Answer» 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).

Answer»

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).

Classify goods under the Sale of Goods Act.

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