SALE OF GOODS ACT, 1930
Indian Contract Act was, from Section 76 to 123 contained the
sale of goods. But later it was repealed and a separate
Sale of Goods Act 1930, has been passed by union legislature. It contains 66 sections and in the following chapter some important sections are mentioned.
The word business has been defined as the
sale of goods and services for the purpose of earning profit. So the entire arena of business is standing on the basis of the
sale of goods and services. To regulate the
sale of goods the central government passed the
Sale of Goods Act,1930.It contains 66 sections .The Act speaks about formation of
sale of goods contracts, effects of such contracts, performance of the contract, rights of unpaid seller and suits for the breach of contract.
Under Sec 2(1) of the Act buyer has been defined as a person who buys or agrees to buy goods.2(7) goods means every kind of movable property other than actionable claims and money; and includes stock and shares, growing crops, gross and things attached to or forming part of the land which are agreed to be served before sale or under the contract of sale.
Under section4 sale and agreement to sell has been defined as:
1. 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 contract of sale between one part owner and another.
2. A
contract of sale may be absolute or conditional.
3. Where under a
contract of sale, the property in the goods is transferred from the seller to the buyer, the
contract is called sale, but where the transfer or the property in the goods is to take place at a future time subject time subject to some condition thereafter to be fulfilled, the contract is called an agreement to sell.
4. 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.