THE SALE OF GOODS ACT, 1930Contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in the goods to buyer for a price.ESSENTIAL ELEMENTS OF A CONTRACT OF SALE: 1) Seller and buyer, 2) Goods only moveable goods other than actionable claims and money but including shares & standing crops. 3) Transfer of general property owned by the seller. 4) Price Consideration, it CANNOT be a barter system. 5) Essentials of a valid contract.

KINDS OF GOODS:Existing goods: owned or possessed by seller at the time of contract.

Specific goods: Which are identified and agreed upon. TV, Car. Ascertained goods: When out of a mass of unascertained goods, a quantity identified and set aside for a contract. Unascertained: Goods which are not identified when contract made.Future goods: To be manufactured or produced. Contingent goods: Acquisition of the goods may or may not happen.

SALE AND AN AGREEMENT TO SELL SALE AGREEMENT TO SELLTransfer of ownership Immediately At a future time Contract Executed ExecutoryBuyer right to enjoy jus in rem jus in personam Transfer of risk Immediately after transfer of ownership Buyer fails to pay seller can sue seller can claim damages

for the goods. Only.Seller fails to deliver Buyer to claim Buyer can claim for

damages & goods. damages only. Insolvency of B can claim from Buyer Cannot claim goods,

seller the receiver. claim a rateable dividend.

Insolvency of B S must deliver the Seller can refuse to deliver goods to receiver. buyer. Demand payment.

Both the party has no performed act is called executary and were both parties performed act is called executed*

CONDITIONS AND WARRANTIESCONDITIONS: Essential to the main purpose of the contract and a breach of which aggrieved party can terminate the contract.WARRANTIES: Collateral to the main purpose of the contract and a breach of which aggrieved party can claim damages only.

EXPRESS CONDITIONS AND WARRANTIES:-

IMPLIED CONDITIONS : 1) As to title (including trade mark), 2) Sale by description (Including packing), 3) Sale by description and sample, 4) NO implied conditions as to quality or fitness for any particular purpose unless buyer discloses to seller his purpose, 5) Merchantable quality, 6) Wholesomeness, 7) By custom.IMPLIED WARRANTIES: As to quite possession, freedom from encumbrances, quality or fitness for a particular purpose which may be annexed by the usage of trade, to disclose dangerous nature of goods.

Both the party has no performed act is called executary and were both parties performed act is called executed*