The Sale of Goods Act, 1930
chapter – 2
Introduction
The Law relating to this statute was contained in the
Chapter VII of the Indian Contract Act, 1872. Subsequently, it was separated with the Indian Sale of Goods Bill, which received its assent on 15th, March 1930. It came into force on the 1st of July, 1930 as the Indian Sale of Goods Act,
1930. In due course, the word “Indian” was omitted by the
Indian Sale of Goods (Amendment) Act, 1963 (33 of 1965) and it became “The Sale of Goods Act, 1930”.
This Act lays down special provisions governing the contract of sale of goods but it does not altogether render the general law of contract inapplicable. The provisions of the Contract Act, in so far as they are inconsistent with the express provisions of Sales of Goods Act, shall apply to contracts for the sale of goods, e.g., provisions regarding the capacity of parties, legality of contract, etc. The Sale of Goods Act, 1930 deals with the ‘sale’ but not with ‘mortgage’ or ‘pledge’, which comes within the purview of the Transfer of Property Act, 1882 and the
Indian Contract Act, 1872 respectively. Secondly, the Act deals with ‘goods’ but not with all movable property, e.g., actionable claims and money. Provisions relating to sale of immovable property and the transfer of actionable claims are contained in the Transfer of Property Act, 1882.
In this chapter, we shall study the provisions of the Act in the following order:
Unit 1 - Formation of the Contract of Sale.
Unit 2 - Conditions and Warranties.
Unit 3 - Transfer of Ownership and Delivery of Goods.
Unit 4 - Unpaid Seller.
© The Institute of Chartered Accountants of India
© The Institute of Chartered Accountants of India
chapter – 2
The SALE OF
GOODS ACT,
1930
Unit 1
Formation of the
Contract of Sale
© The Institute of Chartered Accountants of India
The Sale of goods act, 1930
Learning objectives
After reading this, the students shall be able to understand
Definitions of
Introduction
The Law relating to this statute was contained in the
Chapter VII of the Indian Contract Act, 1872. Subsequently, it was separated with the Indian Sale of Goods Bill, which received its assent on 15th, March 1930. It came into force on the 1st of July, 1930 as the Indian Sale of Goods Act,
1930. In due course, the word “Indian” was omitted by the
Indian Sale of Goods (Amendment) Act, 1963 (33 of 1965) and it became “The Sale of Goods Act, 1930”.
This Act lays down special provisions governing the contract of sale of goods but it does not altogether render the general law of contract inapplicable. The provisions of the Contract Act, in so far as they are inconsistent with the express provisions of Sales of Goods Act, shall apply to contracts for the sale of goods, e.g., provisions regarding the capacity of parties, legality of contract, etc. The Sale of Goods Act, 1930 deals with the ‘sale’ but not with ‘mortgage’ or ‘pledge’, which comes within the purview of the Transfer of Property Act, 1882 and the
Indian Contract Act, 1872 respectively. Secondly, the Act deals with ‘goods’ but not with all movable property, e.g., actionable claims and money. Provisions relating to sale of immovable property and the transfer of actionable claims are contained in the Transfer of Property Act, 1882.
In this chapter, we shall study the provisions of the Act in the following order:
Unit 1 - Formation of the Contract of Sale.
Unit 2 - Conditions and Warranties.
Unit 3 - Transfer of Ownership and Delivery of Goods.
Unit 4 - Unpaid Seller.
© The Institute of Chartered Accountants of India
© The Institute of Chartered Accountants of India
chapter – 2
The SALE OF
GOODS ACT,
1930
Unit 1
Formation of the
Contract of Sale
© The Institute of Chartered Accountants of India
The Sale of goods act, 1930
Learning objectives
After reading this, the students shall be able to understand
Definitions of