Sale of goods is one of the specific forms of contracts recognized and regulated by law in India. Sale is a typical bargain between the buyer and the seller. The Sale of Goods Act, 1930 allows the parties to modify the provisions of the law by express stipulations. However, in some places this freedom is severely restricted. Sale of Goods Act, 1930 is the Act to dene and amend the law relating to the sale of goods. It extends to the whole of India except the State of Jammu and Kashmir. It came into force on 1st July 1930.
Buyer and Seller :
Buyer means a person who buys or agrees to buy goods. Seller means a person who sells or agrees to sell goods. The two terms, ‘buyer’ and ‘seller’ are complementary and represent the two parties to a contract of sale of goods. Not only the person who buys but also the one who agrees to buy is a buyer. Similarly, a ‘seller’ means not only a person who sells but also a person who agrees to sell.
“Goods” means every kind of movable property other than actionable claims and money; and includes stock 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.
Actionable Claims :
‘Actionable claims’ are claims, which can been forced only by an action or suit, e.g. ,debt. A debt is not a movable property or goods. Even the Fixed Deposit Receipts (FDR) are considered as goods under Section 176 of the Indian Contract Act read with Section 2(7) of the Sales of Goods Act.
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