Section 101

This section explains the terms used in the chapter on Sale of Goods. According to Section 101 of the Indian Contract Act, 1872, 'goods' means every kind of movable property. The term 'goods' includes all sorts of movable property, such as stocks, shares, and securities. However, it does not include actionable claims. The term 'deliverable state' refers to the state in which goods must be to enable the buyer to take delivery of them. The term 'future goods' means goods to be manufactured or produced or acquired by the seller after the making of the contract of sale. The term 'contract of sale' includes an agreement to sell as well as a sale. The Indian Contract Act, 1872, defines a 'sale' as a transfer of ownership of goods for a price paid or promised or partly paid and partly promised. The term 'price' means the money consideration for a sale of goods. The term 'buyer' means a person who buys or agrees to buy goods. The term 'seller' means a person who sells or agrees to sell goods.