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The Sale of Goods Act Lecture
The Sale of Goods Act Lecture
The Sale of Goods Act Lecture
Two parties
Goods The subject matter of a contract.
Transfer of property.
Monetary consideration-price.
Essential elements of a valid contract.
A Contract of sale includes sale as well as an
agreement to Sell.
Goods:
(a) Existing goods,
(b) Future goods,
(c) Contingent goods.
(a) Existing goods
Existing goods are those goods that are owned and
possessed by the seller at the time of sale. These may
be of three types, which are as follows:
(1)
Specific goods: Specific goods are those
goods that are identified and agreed upon at
the time of a contract of sale is made.
(2)
Ascertained goods: Goods identified or which
become ascertained subsequent to the
formation of the contract of sale.
(3)
Unascertained or generic goods: The goods
that are not identified and agreed upon at the
time of the contract of sale are the
unascertained or generic goods. Such goods
are defined by description only and may form a
part of a lot.
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Future goods
Future goods are those that are to be manufactured,
produced or acquired. A seller does not actually
possess the future goods at the time of the sale. A
contract of present sale of future goods purports to
operate as an agreement to sell and not a sale.
Contingent goods
Contingent goods are a type of future goods. Goods, the
acquisition of which by the seller depends upon a
certain contingency are called contingent goods.
Effects of destruction of goods or perishing of goods
[Sections 7 and 8]
(a)
The contract must be an agreement to sell
and not of actual sale.
(b)
The loss must be specific.
(c)
The loss is not caused by the wrongful act
or default of either buyer or seller.
(d)
The goods have been perished before the
risk is passed to the buyer.
Ascertainment of price [Sections 9 & 10]
Stipulation as to time [Section 11]
1. Stipulation relating to time of payment and
2. Stipulation not relating to time of payment but to
other things like delivery of goods etc.
Transfer of title-Sections 27-30
Sale by mercantile agent
Sale by one of the joint owners
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property
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Purpose
Difference as to breach
Difference as to treatment
Essence of the contract of sale
Damages
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Delivery of goods
(a) Actual delivery
(b) Symbolic delivery
(c) Constructive delivery or delivery by allotment
Rules regarding delivery of goods
(a) Mode of delivery [Section 33]
(b) Delivery of goods and payment of price are
concurrent conditions [Section 32]
(c) Effect of part delivery of goods [Section 34]
(d) Buyer to apply for delivery [Section 35]
(e) Place of delivery of goods
(f) Risk of delivery [Section 40]
(g) Time of delivery [Section 36(2) and (4)]
(h) Goods in possession of a third person or party
[Section 36(3)
(i) Cost of delivery of goods [Section 36(5)]
(j) Delivery of wrong quantity [Section 37]
(k) Installment deliveries of goods [Section 38]
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(ii)
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(b)
(c)
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3) Right of stoppage in
transit
commences
when the seller loses
the possession of the
goods sold and it
continues until the
buyer acquires their
possession.
4) In
the
right
of
stoppage the goods in
transit, possession is
regained.
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(3)
(4)
(5)
(6)
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