The Sale of Goods Act, 1930 This Act applies to the whole of India except the State of Jammu & Kashmir. It came into force on 1st July 1930. 

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Presentation transcript:

The Sale of Goods Act, 1930 This Act applies to the whole of India except the State of Jammu & Kashmir. It came into force on 1st July 1930. 

DEFINITION OF A CONTRACT OF SALE Section 4 defines a contract of sale as “a contract whereby a seller transfers or agrees to transfer the property in goods to the buyer for a price”

ESSENTIALS OF A CONTRACT OF SALE 1) There must be at least two parties 2) Transfer or agreement to transfer the ownership of goods 3) Price is the consideration of the contract of sale 4. ) The subject matter of the contract must necessarily be goods: the sale of immovable property is not covered under Sale of Goods Act.

SALE AND AGREEMENT TO SELL Where under a contract of sale, the property (ownership) in the goods is transferred from the seller to the buyer, it is called a sale. Thus, sale takes place when there is a transfer of ownership in goods from the seller to the buyer.

SALE AND AGREEMENT TO SELL Agreement to sell means a contract of sale under which the transfer of property in goods is to take place at a future date or subject to some conditions thereafter to be fulfilled

Difference Between Agreement to Sell It is an executory contract Sale A sale is an executed contract Since the ownership has passed to the buyer, the seller can sue the buyer for the price of the goods, if the latter makes a default in payment In case the buyer pays the price and the seller thereafter becomes insolvent, the buyer can claim the goods from the official receiver Agreement to Sell It is an executory contract In case of breach, the seller can only sue for damages, unless the price was payable at a stated date In this case, the buyer cannot claim the goods.

Right of unpaid Seller Seller’s lien 41. ( right to keep possession of property belonging to another person until a debt owed by that person is discharged. Lien after part delivery-43 Right of re-sale s.48 Sue for  Price -55  Sue for damages-56 Sue for interest -61 Damages for non acceptance(buyer wrongfully neglects )