An agreement to sell becomes a sale when the time elapses or the conditions, subject to which the property in the goods is to be transferred, are fulfilled.
Transfer of property sold for a price is the linchpin of the definition of contract of sale. "Property" means the general property in goods and not merely a special property. In other words, it means "the right of ownership", when we say that the property in goods has passed from the seller to the buyer, it means that the seller ceases to be, and the buyer becomes the owner of the goods.
'Goods' form the subject-matter of a contract of sale. 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 the sale. Trademarks, copyrights, patent rights, goodwill, electricity, water, gas are all considered goods.
Actionable claims and money are not goods. Subject to the Transfer of Property Act , an actionable claim means a claim to any debt or any beneficial interest in movable property not in possession. A debt due from one person to another is an actionable claim and cannot be bought or sold as goods.
The goods which form the subject-matter of a contract of s ...Show more