What is Goods? Types of Goods Goods form the subject matter of a contract of sale. According to sec.

2 of sales of goods act. 'goods' means every kind of movable property other than actionable claim, money and includes stocks and shares, growing crops, and things attached to or forming part of the land which are agreed to be served before sale or under the contract of sale.

Goods are be classified as follows; 1. !isting goods" 2. #uture goods" and $. %ontingent goods

1. Existing goods& At the time of sales if the goods are physically in e!istence and are in possession of the seller such goods are called ' !isting Goods(. !isting goods can be further be classified into 'specific or unascertained goods.( )a* Specific goods. Goods identified and agreed upon at the time of the making of the contract of sale are called 'specific goods( . +t may be noted that in actual practice the term 'ascertained goods( is used in the same sense as

'specific goods,( #or e!ample, where A agrees to sell to , a particular -. bearing a distinctive model number, there is a contract of sale for specific or ascertained goods. )b*Unascertained goods. -he goods, which are not separately identified or ascertained at the time of the making of the contract, are known as 'unascertained goods.( -hey are indicated or defined only by description. #or e!ample, if A agrees to sell to , one bag of sugar out of the lot of one hundred bags lying in his godown" it is a sale of unascertained goods because it is not known which bag is to be delivered. As soon as a particular bag is separated from the lot for delivery, it becomes ascertained or specific goods. -he distinction between 'specific( or 'ascertained( and 'unascertained( goods is important in connection with the rules regarding 'transfer of property( from the seller to the buyer. 2. Future goods: #uture goods are goods to be manufactured or to be produced or yet to be ac/uired by seller. Exa ple )a* A agrees to sell to , all the milk that his cow may yield during the coming year. -his is a contract for the sale of future goods. )b*0 agrees to sell to 1 all the mangoes, which will be produced in his garden ne!t year. +t is contract of sale of future goods, amounting to 'an agreement to sell.( $. !ontingent Goods: contingent goods are type of future goods, because these are the goods the ac/uisition of which

by the seller depends upon a contingency 2 condition 3, which may or may not happen Exa ple A agrees to sell specific goods in a particular ship to , to be delivered on the arrival of the ship. +f the ship arrives but with no such goods on board, the seller is not liable, for the contract is to deliver the goods should they arrive4

"et us understand if the goods are perishiable goods # il$% fish% eat&? Effect of 'ershiable Goods -he first we must know what we mean by perishing of goods. '5ershing( means not only physically destruction of goods but it also covers& )a* 6amage to goods so that the goods have ceased to e!ist in the commercial sense, i.e., their merchantable character as such has been lost )although they are not physically destroyed*, e.g., where cement is spoiled by water and becomes almost stone or where sugar becomes sharbat and thus are unsaleable as cement or sugar" )b* 7oss of goods by theft ),arrow 7td. .s 5hillips 7td. *" 8case9 )c* :here the goods have been lawfully re/uisitioned by the government );e <hipton, Anderson = %o.*. (ou ust note that it is only the perishing of specific

and ascertained goods that affect the sales. )n the case of unascertained goods% their perishing does not affect the contract. :here A agrees to sell to , ten bales of gyptian cotton out of 1>> bales lying in his godown and the bales in the godown are completely destroyed by fire, the contract does not become void. A must supply ten bales of cotton after purchasing them from the market or pay damages for the breach.