13-09-2013, 12:53 PM
Sale of Goods Act, 1930
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Introduction
The law relating to sale and purchase of goods, prior to 1930 were dealt by the Indian Contract Act, 1872.
In 1930, Sections 76 to 123 of the Contract Act was repealed and a separate Act known as the Sale of Goods Act, 1930 was passed.
The provisions of the Contract Act still apply to contracts of sale of goods except where the Sale of Goods Act, 1930 specifically provides for the contrary.
Definition
A contract of sale of goods is a contract whereby
the seller transfers or agrees to transfer
the property in goods to the buyer for a price. (Sec. 4)
The term contract of sale is a generic term, which includes sale and agreement to sale both.
Essential Features of Sale
Bilateral Contract
Money Consideration
Goods
Transfer of Property
Essential Elements of a Contract
Goods
Goods means every kind of movable property other than
actionable claims and money and
includes stocks and shares, growing crops, grass and
things attached to or forming part of the land
which are agreed to be severed before sale or under the contract of sale. [Sec 2(7)]