Contract of sale of goods

1.Co-relation between economic

system and contract of sale of goods.
2.Socialist economic system contract
of sale of goods.
3.Capitalist economic system and
contract of sale of goods.
 Essentials of contract of sale of
goods
1. Competent parties.
2. Valid offer and acceptance
3. Consent and free consent
4. Consideration (a).Price S.2(10),
(b) Transfer of ownership of goods.
5. Subject matter of contract:Transfer of
ownership in goods S.2(7)
 Goods
Definition: S.2(7)
Kinds of goods:
• Present goods and future goods.
• Specific goods and non-specific goods or
ascertained goods and unascertained
goods.
• Goods in “deliverable state” and “goods
not in deliverable state”.
 Transfer of ownership in goods
1. Immediate:Contract of sale of goods of the
kind of “Sale.”(a)Goods to be present and
ascertained.(b)Goods can not be future
and if present unascertained.
2. Mediate:Contract of sale of goods of the
nature of “agreement to sell”
 Point of time of passing of property in
goods

1.Intention rule.
2.Intention rule is subject to provisions of
Chapter (Sections 18 to26) specially the
ascertainment and deliverable state rule .