7 Goods perishing before sale but after agreement to sell. Where there is a contract for the sale of specific goods, and the goods without the knowledge of the seller have perished at the time when the contract is made, the contract is void. (3) Where by a contract of sale the seller purports to effect a present sale of future goods, the contract operates as an agreement to sell the goods. (2) There may be a contract for the sale of goods the acquisition of which by the seller depends on a contingency which may or may not happen. (1) The goods which form the subject of a contract of sale may be either existing goods, owned or possessed by the seller, or goods to be manufactured or acquired by him after the making of the contract of sale, in this Act called future goods. (3) In subsection (2) above “ necessaries” means goods suitable to the condition in life of the person concerned and to his actual requirements at the time of the sale and delivery.
(2) Where necessaries are sold and delivered to a person who by reason of drunkenness is incompetent to contract, he must pay a reasonable price for them. (1) Capacity to buy and sell is regulated by the general law concerning capacity to contract and to transfer and acquire property. (6) An agreement to sell becomes a sale when the time elapses or the conditions are fulfilled subject to which the property in the goods is to be transferred. (5) Where under a contract of sale the transfer of the property in the goods is to take place at a future time or subject to some condition later to be fulfilled the contract is called an agreement to sell. (4) Where under a contract of sale the property in the goods is transferred from the seller to the buyer the contract is called a sale. (3) A contract of sale may be absolute or conditional. (2) There may be a contract of sale between one part owner and another. (1) A contract of sale of goods is a contract by which the seller transfers or agrees to transfer the property in goods to the buyer for a money consideration, called the price. Formation of the Contract Contract of sale U.K.
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