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This Act defines and amends the law relating to the sale of goods.
Definitions: In this Act, unless there is anything repugnant in the subject of content-
(1) ‘buyer’ means a person who buys or agrees to buy goods,
(2) ‘delivery’ means voluntary transfer of possession from one person to another
Applications of provisions of Act 9 of 1882: The unrepeated provisions of the Indian
Contract Act, 1872 save insofar as they are inconsistent with the express provisions of this Act, shall continue to apply to contracts for sale of goods.
Sale and Agreement to Sell
- 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. There may be a contract of sale between one part-owner and another.
- A contract of sale may be absolute or conditional.
- Where under a contract of sale the property in the goods in transferred from the seller to the buyer, the contract is called a sale, but where the transfer of the property in the goods is to take place at a future time or subject to some condition thereafter to be fulfilled, the contract is called an agreement to sell.
- An agreement to sell becomes a sale when the time elapses or the conditions are fulfilled subject to which the property in the goods is to be transferred.
Definitions: In this Act, unless there is anything repugnant in the subject of content-
(1) ‘buyer’ means a person who buys or agrees to buy goods,
(2) ‘delivery’ means voluntary transfer of possession from one person to another
Applications of provisions of Act 9 of 1882: The unrepeated provisions of the Indian
Contract Act, 1872 save insofar as they are inconsistent with the express provisions of this Act, shall continue to apply to contracts for sale of goods.
Sale and Agreement to Sell
- 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. There may be a contract of sale between one part-owner and another.
- A contract of sale may be absolute or conditional.
- Where under a contract of sale the property in the goods in transferred from the seller to the buyer, the contract is called a sale, but where the transfer of the property in the goods is to take place at a future time or subject to some condition thereafter to be fulfilled, the contract is called an agreement to sell.
- An agreement to sell becomes a sale when the time elapses or the conditions are fulfilled subject to which the property in the goods is to be transferred.
