Classification of goods

Basically here we are talking about things that are ready to be sold in exchange of money or consideration is called goods.

Goods are classified into following types:

1. Existing Goods : 

Goods which are owned by the seller at the time of contract of sale.

Existing goods

# Types of existing goods

(i) Specific goods : 

Those goods which are identified or selected by the buyer and agreed on that good at the time of making contract to sale.

(ii) Ascertained goods :

Though nomally used as synonym for specific goods.

Those goods which are identified and ascertained subsequently at the time of formation of contract. 

(iii) Unascertained goods :

These are the goods which are not identified and agreed upon at the time when the contract is made.

2. Future Goods :

Those goods which are not in existence at time of contract of sale.

Example: mr. K agreed to buy wheat from mr. B farm @1000 per quintal. Now this agreement of sale is for future goods as wheat is not ready to harvest, in future may be.

3. Contingent Goods

These are those goods which depends on situations that may or may not happen.

Example: A agreed  B to sell bat of MS Dhoni if he (A) is able to buy it from auction.