Commercial Law

Commercial Law

Sale of Goods Act 1979

The sale of goods Act is applicable to all the contracts of sale that are made after 1979. This law has been edited in UK couple of times and referred to as the sale of supply of goods act of 1994 and recently it has been edited again and referred to as sale and supply of goods to consumer regulations 2002. It has been observed that there are not much differences in the supply of goods and services act 1982 and the current laws pertaining to sales of good contract.

It is referred to as a contract of sale of goods in which a good in or a property is transferred by a seller to the buyer in return of some compensation or money, which is referred to as price of that good or property as well. This contract can also take place between one part owner and another as well. It can also possess some conditions or no conditions at all. However, this contract an also refer to agreement of sale when the transfer of good or property is suppose to take place at some future time or can be transferred at fulfilment of certain condition in later time. However, the status of this agreement changes to contract of sale at the time of execution of contract or when condition is fulfilled.

The amount or quantity of the good or property to be bought and sold is monitored and regulated by the general law. The law has mentioned that any good or property purchased from or sold to minor or a person with mental disability such as being drunk or in non competent condition is to be done at a fair price. A contract of sale can be prepared in written form or in verbal form or both ways partially. The goods that can be sold via contract could be those goods that exist in real or seller owns it or goods that are manufactured by seller after the contract is signed. Such goods are referred to as the future goods. The contract of sale becomes void if the goods under contract get perished without the knowledge of seller. The agreement of sale is ignored in case the goods to be sold get perished without any fault of buyer or seller.

Types and States of Goods

The goods that can be sold under contract ...