BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Future Goods For example, a farmer may agree to sell a buyer all of the milk produced by his/her cows in the coming year. This is called an “agreement to sell.” Because the milk does not yet exist at the point of making the contract, it is an example of future goods.

Detailed explanation-2: -According to Section 2(7) of the Act, “goods” include-Any movable property except actionable claims and money; Stock and shares; The growing crops, standing timber, grass; The things that are attached or forming part of the land which is agreed to be severed from the land before the sale.

Detailed explanation-3: -Ascertained Goods: This is a type not defined by the law but by the judicial interpretation. This term is used for specific goods which have been selected from a larger set of goods. For example, you have 500 apples.

Detailed explanation-4: -’Goods’ is defined as per Section 2 (7) of the ‘Act’ as. “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.”