Classification of goods.

Classification of goods:

The goods which from the subject of a contract of sale may be either existing goods, or future goods or contigent goods.

1.existing goods:

These are the goods which are owned or possessed by the seller at the time of sale.only existing goods can be the subject of a sale.

1.specific goods.

2.ascertained goods.

3.unascertained or genric goods.

2.future goods:

These are the goods which a seller does not posses at the time of the contract but which will be manufactured or producted or acquired by him after the making of the contract sale.

3.contigent goods:

Though a type of future goods, these are the goods the acquisition of which by the seller depands upon a contegency which may not happen.