Question

Explain briefly about existing goods?

Answer 1

1. Existing goods: Existing goods are those owned or possessed by the seller at the time of contract of sale. Goods possessed even refer to sale by agents or by pledgers. Existing goods may be either specific goods, ascertained goods, and generic or unascertained goods.
2. Specific goods: Specific goods identified and agreed upon at the time of contract of sale. Eg: If a buyer selects a particular variety of saree after examining several other sarees, the selected one denotes specific goods.
3. Ascertained goods: The term “ascertained goods” is also used as similar in meaning to specific goods. But this term may even refer to goods that became ascertained subsequent to the formation of the contract.
4. Unascertained or Generic goods: These are goods that are not identified and agreed upon at the time of contract of sale. For example, “A” wants to buy a car from a showroom, where different models at different prices have been displayed. All these displayed models represent unascertained goods.