The Sale of Goods Act, 1930 - Quick Revision Sheet
Quick revision
Key facts
| Item | Fact |
|---|---|
| Sale of Goods Act | Passed in 1930 |
| Earlier law | Indian Contract Act, 1872 |
| Property in goods | Ownership (possession = custody) |
| Excluded from goods | Money, actionable claims, immovable property |
| Actionable claims | Fixed Deposit Receipt, dividend due, LIC amount due, future rent |
| Sale | Executed contract; risk on buyer |
| Agreement to sell | Executory contract; risk on seller |
| Contingent goods | Part of future goods |
| Ascertainment | Seller alone identifies goods |
| Appropriation | Goods identified with consent of both parties |
| Condition | Essential; breach allows cancellation and damages |
| Warranty | Collateral; breach gives damages only |
| Merchantability | Watch that will not keep time, pen that will not write |
| Wholesomeness | Eatables; milk with typhoid germs |
| Implied warranties | Quiet possession, no encumbrance, dangerous goods |
| Unpaid seller's rights against goods | Lien, stoppage in transit, resale |
| Suits against buyer | Price, damages for non-acceptance, cancellation before due date, interest |
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