Law of Sale of Goods
Law of Sale of Goods 2.1 Definitions Sale of Goods : A contract whereby the seller transfers or agrees to transfer the ownership (property) in goods to the buyer for a price. ➡ Defined under Section 4(1) of the Sale of Goods Act, 1930 . Goods : Every kind of movable property other than actionable claims and money. Includes stock, shares, crops, etc. ➡ Defined in Section 2(7) . Buyer : A person who buys or agrees to buy goods. ( Section 2(1) ) Seller : A person who sells or agrees to sell goods. ( Section 2(13) ) Price : The money consideration for a sale of goods. ( Section 2(10) ) Contract of Sale : Includes both a sale (ownership transferred immediately) and an agreement to sell (ownership to be transferred in the future or upon certain conditions). 2.2 Formation of the Contract A contract for the sale of goods must fulfill the essentials of a valid contract under the Contract Act, 1872 : Essentials: Offer and Acceptance L...