1. Existing Goods

. 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. The diagram given below exhibits the type of goods covered under the sale of goods act. Existing goods may be either (i) Specific Goods (ii) Ascertained Goods (iii) Generic or Unascertained Goods (i) Specific Goods Specific goods denote goods identified and agreed upon at the time of contract of sale. For eg. if a buyer selects a particular variety of saree after examining several other sarees, the selected one denotes specific goods. 12th Commerce Unit - - . . AM (ii) Ascertained Goods The term ‘ascertained goods’ is also used as similar in meaning to specific goods. But this term may even refer to goods which become ascertained subsequent to the formation of the contract. (iii) Unascertained or Generic Goods These are goods which are not identified and agreed upon at the time of contract of sale. For eg. A wants to buy a car from a showroom where different models at different prices have been displayed. All these displayed models represents unascertained goods. CONTINGENT GOODS (Eg.Basumathi Rice)