CMA Foundation · Fundamentals of Business Laws and Business Communication · Sale of Goods Act, 1930
Under the Sale of Goods Act, 1930, goods that the seller does not yet own and will acquire or manufacture only after the contract of sale is made are classified as:
Such goods are future goods. The Sale of Goods Act classifies goods that the seller will manufacture, produce or acquire only after making the contract as future goods, whereas goods already owned or possessed by the seller at that time are existing goods.
- AExisting goods
- BFuture goodsCorrect
- CSpecific goods
- DAscertained goods
Explanation
The Act classifies goods as existing or future. Goods to be manufactured or produced, or acquired by the seller after making the contract of sale, are future goods. Existing goods are those owned or possessed by the seller when the contract is made, so that option is wrong.
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