Samiksha Jaiswal (Editor)

Indian Sale of Goods Act 1930

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Indian Sale of Goods Act 1930 is a Mercantile Law. The Sale of Goods Act is a kind of Indian Contract Act. It came into existence on 1 July 1930. It is a contract whereby the seller transfers or agrees to transfer the property in the goods to the buyer for price. It is applicable all over India, except Jammu and Kashmir. The goods are sold from owner to buyer for a certain price and at a given period of time.

Definition

"" According to section 4(1) of the Indian sales of goods act, a contract of sales means such contract by which the seller transfer the title or ownership of the goods to the buyer or makes an agreement to transfer it against a fixed price ""

1. Buyer A person who buys or agrees to buy goods.

2. Seller A person who sells or agrees to sell goods.

3. Goods Every kind of movable property other than actionable things and money.

4. Existing goods Goods which are in existence at the time of contract of sale.

5. Future goods Goods which are to be manufactured /produced by seller after making contract of sale.

6. Specific goods Goods which are identified & agreed upon at the time of contract of sale has been made..

References

Indian Sale of Goods Act 1930 Wikipedia