Sale of Goods Act Formation Caveat Emptor Conditions and Warranty Rights of unpaid seller

1. SALE OF GOODS ACT

2. FORMATION OF CONTRACT:
The law relating to sale of goods is contained in the Sale of Goods Act,1930.
DEFINITION:
Sec 4 (1), A contract of sale I a contract whereby the seller transfers or agrees to transfers or agrees to transfer
the property in goods to the buyer for a price.
Contract of sale includes both a sale and an agreement to sell.
If the property in the goods (ownership) is transferred from the seller to the buyer immediatelyit is known as
‘Sale’.
If the property of goods is to be transferred to the buyer in future or subject to the fulfillment of certain
conditions it is known as an ‘Agreement to Sell’ - Sec 4 (3).

3. ESSENTIAL
S OF
CONTRACT
OF SALE:
Two Parties
Goods –
Only
Movable
Properties
All the
essential
Elements of a
Valid
Contract
Transfer of
General
Property in
Goods
Price – in
terms of
Money

4. CLASSIFICATION OF GOODS

5. CONDITIONS &WARRANTIES