Indian Sale of Goods Act 1930
The Indian Sale of Goods Act, 1930 is a mercantile law which came into existence on 1 July 1930, during the British Raj, borrowing heavily from the United Kingdom's Sale of Goods Act 1893. It provides for the setting up of contracts where the seller transfers or agrees to transfer the title (ownership) in the goods to the buyer for consideration. It is applicable all over India. Under the act, goods sold from owner to buyer must be sold for a certain price and at a given period of time. The act was  amended on 23 September 1963, and was renamed to the "Sale of Goods Act, 1930". It is still in force in India, after being amended in 1963, and in Bangladesh, as the Sale of Goods Act, 1930 (Bangladesh). Definition. The definitions as per Section II (s.2 Of Sale of Goods Act 1930) of the Act are as follows: Contract. A Contract of Sale is: A Contract may provide for: Goods are every kind of moveable property other than actionable claims and money, and include: Future goods are goods that are to be: According to the act, the goods which form  the subject of a contract of sale may be either existing goods, owned or possessed by the seller, or future goods and there may be a contract for the sale of goods the acquisition of which by the seller depends upon a contingency which may or may not happen. Where by a contract of sale the seller purports to effect a present sale of future goods, the contract operates as an agreement to sell the goods. Events and Participants. Sale of Goods. A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the  property in goods to the buyer for a price. There may be a contract of sale between one part-owner and another. Mercantile Agent. A Mercantile Agent has the customary course of business as agent authority: Buyer. A person who buys or agrees to buy goods. "Price"refers to money considered for sale of goods. The price in a contract of sale may be fixed by the contract, or may be left to be fixed in manner thereby agreed, or may be determined by the course of dealing between the parties. Where the price is not determined in accordance with the  foregoing provisions, the buyer shall pay the seller a reasonable price. Where there is an agreement to sell goods on the terms that- the price is to be fixed by the valuation of a third party, and such third party cannot or does not make such valuation, the agreement is thereby avoided, provided the goods or any part thereof have been delivered to the buyer, and appropriated by the buyer, the buyer shall pay a reasonable price. In the event of a dispute, the party not in fault may maintain a suit for damages against the party in fault . Delivery. means voluntary transfer of possession from one person to another. State of Delivery. Goods are said to be in a "delivered state" when they are in such state that the buyer would under the contract be bound to take delivery of them. Damage. Goods are said to be damaged/perished if: As per Section 8 of Sale of Goods Act, where there is an agreement to sell specific goods, and subsequently the goods without any fault on the part of the seller or buyer perish or become so damaged as no longer to answer to their description in the  agreement before the risk passes to the buyer, the agreement is thereby avoided. Violation. A "Fault" is defined as a wrongful act by default. A person is said to be "insolvent" when: Requirements and Agreements. Section 4 of Sale of Goods Act define the term "Sale" and "agreement to sell" as follows: The following must be fulfilled: