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Definition of Certain Terms - 1 (in Hindi)
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Explanation of Certain terms of Sales of Goods Act, 1930.

Priyal Agrawal
CS Student, AIR 21 in CS foundation,love Teaching, reading, travelling, novels, fashion freak, watch the lessons to knw more

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  1. THE SALE OF GOODS ACT 1930


  2. ABOUT ME MYSELF PRIYAL AGRAWAL CS EXECUTIVE& BCOM 2ND YEAR STUDENT CS FOUNDATION (AIR 22) HOBBIES TO READ NOVELS, EXPLORING NEW THINGS FOLLOW ME ON UNACADEMY https:/L unacademy.com/user/PriyalAgrawal


  3. INTRODUCTION Sale of goods is one of the specific forms of contracts recognized and regulated by law in India. Sale is a typical bargain between the buyer and the seller. The Sale of Goods Act, 1930 allows the parties to modify the provisions of the law by express stipulations. . Sale of Goods Act, 1930 is the Act to de ne and amend the law relating to the sale of goods. It extends to the whole of India except the State of Jammu and Kashmir. It came into force on 1st July, 1930.


  4. The Sale of Goods Act, 1930 defines the terms which have been frequently used in the Act, which are as follows - (A) Buyer and Seller: 'Buyer means a person who buys or agrees to buy goods. Seller means a person who sells or agrees to sell goods The two terms, 'buyer and 'seller are complementary and represent the two parties to a contract of sale of goods. Both the terms are, however, used in a sense wider than their common meaning. Not only the person who buys but also the one who agrees to buy is a buyer. Similarly, a seller means not only a person who sells but alsoa person who agrees to sell.


  5. (B) Goods and other related terms: "Goods" means every kind of movable 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. This is a wider definition than contained in the English law, which does not consider 'stock and 'shares' as goods, though it includes a ship. 'Actionable claims' are claims, which can be enforced only by an action or suit, e.g., debt. A debt is not a movable property or goods.


  6. (i) EXISTING GOODS are such goods as are in existence at the time of the contract of sale, i.e., those owned or possessed by the seller at the time of contract of sale The existing goods may be of following kinds: (a) Specific goods means goods identified and agreed upon at the time a contract of sale is made Example 1: Any specified and finally decided goods like a Samsung Galaxy S7 Edge, Whirlpool washing machine of7 kg etc.


  7. (b) Ascertained Goods are those goods which are identified in accordance with the agreement after the contract of sale is made. In actual practice the term 'ascertained goods' is used in the same sense as 'specific goods. When from a lot or out of large quantity of unascertained goods, the number or quantity contracted for is identified, such identified goods are called ascertained goods. Example: A wholesaler of cotton has 100 bales in his godown. He agrees to sell 50 bales and these bales were selected and set aside. On selection the goods becomes ascertained. In this case, the contract is for the sale of ascertained goods, as the cotton bales to be sold are identified and agreed after the formation of the contract. It may be noted that before the ascertainment of the goods, the contract was for the sale of unascertained goods.


  8. (c) Unascertained goods are the goods which are not specifically identified or ascertained at the time of making of the contract. They are indicated or defined only by description or sample. Example: If A agrees to sell to B one packet of salt out of the lot of one hundred packets lying in his shop, it is a sale of unascertained goods because it is not known which packet is to be delivered. As soon as a particular packet is separated from th lot, it becomes ascertained or specific goods


  9. Thanks! Any questions? Ask me in the comment sections below! Rate Review Recomm


  10. THE SALE OF GOODS ACT 1930


  11. INTRODUCTION Sale of goods is one of the specific forms of contracts recognized and regulated by law in India. Sale is a typical bargain between the buyer and the seller. The Sale of Goods Act, 1930 allows the parties to modify the provisions of the law by express stipulations. . Sale of Goods Act, 1930 is the Act to de ne and amend the law relating to the sale of goods. It extends to the whole of India except the State of Jammu and Kashmir. It came into force on 1st July, 1930.


  12. (B) Goods and other related terms: "Goods" means every kind of movable 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. This is a wider definition than contained in the English law, which does not consider 'stock and 'shares' as goods, though it includes a ship. 'Actionable claims' are claims, which can be enforced only by an action or suit, e.g., debt. A debt is not a movable property or goods.


  13. (c) Unascertained goods are the goods which are not specifically identified or ascertained at the time of making of the contract. They are indicated or defined only by description or sample. Example: If A agrees to sell to B one packet of salt out of the lot of one hundred packets lying in his shop, it is a sale of unascertained goods because it is not known which packet is to be delivered. As soon as a particular packet is separated from th lot, it becomes ascertained or specific goods


  14. Thanks! Any questions? Ask me in the comment sections below! Rate Review Recomm