Q.What is meant by existing goods ?

Existing goods are goods that the seller already owns or possesses when the contract of sale is entered into; they are sub-divided into specific, ascertained and unascertained goods.

Under the Sale of Goods Act, 1930 (Tamil Nadu HSC Class-12 Commerce), goods are first classified as existing goods and future goods. Existing goods are explained as follows:

• They are goods that are owned or possessed by the seller at the time of the contract of sale.
• They are further classified into:
  • Specific goods — goods identified and agreed upon at the time of the contract (e.g., a particular car with a given registration number).
  • Ascertained goods — goods identified/set apart after the contract is made. …