The Sale of Goods refers to a legal concept that governs the transfer of ownership and the exchange of goods or tangible property for a price.
These contracts can be separated into two:
Sale contract – goods passes to the buyer once the contract is concluded
Agreement to sell- goods or property passes on the fulfillment of a particular or upon the expiration of a specified condition
The following should be clearly understood when it comes to understanding the nature of sale of goods contracts
- Seller- This is the person who sells or agrees to sell goods.
- Property –This is the general property in goods or ownership. It signifies the bundle of rights that a person has in relation to a subject matter. Examples are right to use, misuse and to dispose
- Goods- this is includes
- All chattels personal other than things in action and money
- And all implements
- Industrial growing crops
- Things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale