Section 545: Contract of sale of goods

1) A contract of sale of goods shall be deemed to have been made if any seller agrees to transfer the property in goods immediately or in the future to the buyer for a price.

Explanation: For the purposes of this Chapter, the term “goods” means any kind of movable property capable of being purchased or sold other than currency in circulation for the time being, security, or actionable claim.

2) A contract of sale of goods may be conditional or unconditional.

3) A contract may be concluded to sell the goods owned or possessed by the seller for the time being or those to be produced or acquired by the seller in the future.