Page 157 - DMGT102_MERCANTILE_LAWS_I

Gopika Juneja, Lovely Professional University
Unit 12: Law of Sales of Goods

Unit 12: Law of Sales of Goods Notes

CONTENTS

Objectives
Introduction
12.1 Contract of Sale
12.2 Goods and their Classifi cation
12.2.1 Meaning of Goods

12.2.2 Classification of Goods

12.3 Definitions of Contract of Sales

12.4 Meaning of Price
12.4.1 Meaning

12.4.2 Mode of Payment of the Price
12.5 Conditions and Warranties (Sec.11-17)
12.6 Passing of Property in Goods
12.6.1 Meaning of ‘Property in Goods’
12.6.2 Rules regarding Passing of Property in Goods from the Seller to the Buyer

12.7 Summary
12.8 Keywords
12.9 Self Assessment
12.10 Review Questions

12.11 Further Readings
Objectives

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

Introduction

In last unit, you have 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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