Sale of goods is agreeing the seller and the buyer to transfer ownership of goods owned by the seller into buyer name on an agreed consideration. Such agreements in this law are named as Contract on sale of goods. Goods presently available or goods receivable.
Goods sold under a contract are goods presently available or goods receivable.
Presently available goods are referred to as goods presently held in possession of the seller. Goods receivable refers to goods to be manufactured or procured by the seller, after contract is made. Value of the goods will be the value mentioned in the contract or contracted manner for valuation of such goods. Contractors can agree upon allowing a third party to decide the value of goods being sold. When agreeing to sell, the sellers rights over the goods will be acceptable if possession of such goods can be transferred to the buyers name.