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CSEET · Business Laws and Management · Elements of Law relating to Sale of Goods

Under Section 66(3) of the Sale of Goods Act, 1930, the provisions relating to contracts of sale do NOT apply to:

The Act's sale provisions do not apply to a transaction in the form of a sale that is really intended to operate as a mortgage, pledge, charge or other security. Oral, instalment or description-based sales remain covered by the Act.

  1. AA transaction in the form of a sale that is intended to operate by way of mortgage, pledge, charge or other securityCorrect
  2. BA sale of goods made orally
  3. CA sale where the price is payable by instalments
  4. DA sale of future goods by description

Explanation

Section 66(3) excludes any transaction in the form of a contract of sale which is intended to operate by way of mortgage, pledge, charge or other security. Oral sales, instalment sales and sales by description remain governed by the Act.

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