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  • The Indian Sale of Goods Act received its assent on 15/3/1930 and it came into force on 1/7/1930
  • The term contract of sale includes both ‘sale’ as well as an ‘agreement to sell’
  • Only goods can be the subject-matter of a contract of sale
  • Every kind of movable property other than actionable claims and money are goods
  • The term property in the goods means the ownership of the goods
  • Sale creates jus in rem, whereas an agreement to sell creates jus in personam
  • Existing goods are the goods which are in actual existence at the time of contract of sale
  • A contract of future goods is always an agreement to sell
  • If the goods are damaged or lost after their property was passed on to the buyer, the contract will remain unaffected and the buyer will bear the loss
  • In case of destruction of unascertained goods, the contract will not be void
  • If a third party fails to make the valuation of the price, the contract becomes void

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