The Sale of Goods Act, 1930, is an important legislation in India that governs the sale and purchase of goods. It outlines various terms and provisions that apply to the sale of goods. Here is a list of 50 terms from the Sale of Goods Act, 1930, along with their meanings:
| 1. Contract of Sale: A contract wherein the seller agrees to transfer the ownership of goods to the buyer for a price. |
| 2. Goods: All kinds of movable property except money and actionable claims. |
| 3. Price: Consideration for the transfer of ownership in goods. |
| 4. Buyer: The person who acquires or agrees to acquire ownership of goods by paying a price. |
| 5. Seller: The person who transfers or agrees to transfer ownership of goods to the buyer for a price. |
| 6. Agreement to Sell: A contract where the transfer of ownership in goods will happen at a future date or upon certain conditions. |
| 7. Specific Goods: Goods that are identified and agreed upon at the time of making the contract. |
| 8. Unascertained Goods: Goods that are not specifically identified or agreed upon at the time of making the contract. |
| 9. Existing Goods: Goods that are owned or possessed by the seller at the time of making the contract. |
| 10. Future Goods: Goods to be produced or acquired by the seller after the making of the contract. |
| 11. Goods perishing before Sale: Goods that are destroyed or cease to exist before the contract is made. |
| 12. Goods perishing before Sale but after Agreement to Sell: Goods that are destroyed after the contract is made but before the ownership is transferred. |
| 13. Condition: An essential term of the contract, the breach of which gives the right to repudiate the contract. |
| 14. Warranty: A minor term of the contract, the breach of which only entitles the injured party to claim damages. |
| 15. Implied Conditions: Conditions that are presumed to be a part of every contract of sale, even if not expressly stated. |
| 16. Implied Warranties: Warranties that are presumed to be a part of every contract of sale, even if not expressly stated. |
| 17. Sale by Description: A sale where the goods are described by the seller, and the buyer relies on that description. |
| 18. Sale by Sample: A sale where the buyer has an opportunity to examine a sample of the goods before making the purchase. |
| 19. Unpaid Seller: A seller whose payment has not been received or tendered. |
| 20. Rights of Unpaid Seller: Rights such as lien, stoppage in transit, and resale of goods in case the buyer defaults on payment. |
| 21. Lien of Unpaid Seller: The right of the seller to retain possession of the goods until the full payment is received. |
| 22. Stoppage in Transit: The right of the seller to stop the goods in transit if the buyer becomes insolvent. |
| 23. Right of Resale: The right of the seller to resell the goods if the buyer defaults on payment. |
| 24. Duties of Unpaid Seller: Obligations of the unpaid seller regarding the delivery, care, and protection of the goods. |
| 25. Delivery: The voluntary transfer of possession of goods from one person to another. |
| 26. Actual Delivery: Physical transfer of goods to the buyer or their representative. |
| 27. Constructive Delivery: Symbolic transfer of goods, such as handing over the key to the warehouse where goods are stored. |
| 28. Delivery to Carrier: Delivery of goods to a carrier or other bailee for the purpose of transmission to the buyer. |
| 29. Risk: The liability for loss or damage to goods. |
| 30. Property: Ownership of the goods. |
| 31. Transfer of Property: Transfer of ownership from the seller to the buyer. |
| 32. Sale without Transfer of Property: Transfer of possession but not ownership of goods. |
| 33. Conditions for Transfer of Property: Conditions that must be met for the property to transfer from the seller to the buyer. |
| 34. Reservation of Right of Disposal: When the seller reserves the right to dispose of the goods until certain conditions are met. |
| 35. Agreement to Sell at Valuation: A contract where the price is to be fixed by a third party, the valuer. |
| 36. Sale on Approval: A sale where the buyer has the option to return the goods within a specified time. |
| 37. Sale on Return Basis: A sale where the buyer has the right to return the goods to the seller. |
| 38. Damages: Compensation payable for the breach of a contract. |
| 39. Breach of Warranty: Breach of a minor term of the contract that entitles the buyer to claim damages. |
| 40. Anticipatory Breach: When one party indicates, by words or conduct, their intention not to perform the contract. |
| 41. Specific Performance: A remedy where the court orders the defaulting party to perform the contract as agreed. |
| 42. Repudiation: The rejection or renunciation of the contract by one party. |
| 43. Right to Sue for Price: The right of the seller to sue the buyer for the unpaid price of the goods. |
| 44. Right to Sue for Damages: The right of the injured party to claim compensation for the loss suffered due to the breach. |
| 45. Quasi-Contract: A contract implied by law to prevent unjust enrichment. |
| 46. Mercantile Agent: A person who, in the ordinary course of business, has the authority to buy or sell goods. |
| 47. Sale by Mercantile Agent: A sale made by a mercantile agent in the ordinary course of business. |
| 48. Condition Precedent: A condition that must be fulfilled before the contract becomes enforceable. |
| 49. Express Terms: Terms explicitly agreed upon by the parties and stated in the contract. |
| 50. Executed Contract: A contract in which both parties have fulfilled their obligations. |
CA Rakesh Agarwalla
Founder , Agarwal Coaching centre
