BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The buyer
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The seller
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A mutually agreed-upon third party
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Any of these
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Detailed explanation-1: -Unless prohibited by the terms of the sale, the seller may identify the goods as the subject matter of a particular sales contract. Unless goods are both existing and identified to the contract, they are categorized as future goods.
Detailed explanation-2: -(13) “seller” means a person who sells or agrees to sell goods; (14) “specific goods” means goods identified and agreed upon at the time a contract of sale is made; and.
Detailed explanation-3: -(1) The goods which form the subject of a contract of sale may be either existing goods, owned or possessed by the seller, or future goods. (2) There may be a contract for the sale of goods the acquisition of which by the seller depends upon a contingency which may or may not happen.
Detailed explanation-4: -What can be the subject matter of the contract of sale as per section 6 of Sale of Goods Act: Only existing goods owned or possessed by the owner.