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Manpreet Kaur, Lovely Professional University Unit 13: Law of Sales of Goods

Unit 13: Law of Sales of Goods Notes

CONTENTS

Objectives
Introduction

13.1 Definitions of Contract of Sales
13.2 Contract of Sale

13.3 Sale and Agreement to Sell
13.4 Goods and their Classifi cation
13.4.1 Meaning of Goods
13.4.2 Classification of Goods

13.5 Meaning of Price
13.5.1 Meaning

13.5.2 Mode of Payment of the Price
13.6 Passing of Property in Goods
13.6.1 Meaning of ‘Property in Goods’
13.6.2 Rules regarding Passing of Property in Goods from the Seller to the Buyer

13.7 Summary
13.8 Keywords
13.9 Self Assessment
13.10 Review Questions
13.11 Further Readings

Objectives

After studying this unit, you will be able to:
Discuss essential of contract of sale
Describe conditions and warranties

Introduction

In last unit, you studied about the Indian Contract Act, 1872. Transactions in the nature of sale
of goods form the subject matter of the Sale of Goods Act, 1930. The Act covers topics such as
the concept of sale of goods, warranties and conditions arising out of sale, delivery of goods and
passing of property and other obligations of the buyer and the seller. It also covers the fi eld of
documents of title to goods and the transfer of ownership on the basis of such documents. The
Act came into force on 1st July, 1930. It extends to the whole of India, except Jammu and Kashmir.
The sections quoted in this unit refer to the Sale of Goods Act, 1930, unless otherwise stated. This

unit, deals with the specific types of contract, i.e., sale of goods. In looking at this topic we see
how the principles of contract form its basis.

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