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Property of Goods

Whether it is wholesome goods or property in the form of goods, one thing is common in all, i.e. all the products are transferred to the buyer from the seller. Property of goods or more commonly ownership of goods is very much different from what we call possession of goods. In simple words, the possession of goods is referred to as the physical control or custody over the goods. When goods are being transferred to the buyer from the seller, this act is called to be the contract of sale. Hence, the very point when the property in the form of goods gets transferred to the buyer from the seller, some of the common scenarios that you may come by include:

  • Ownership:
  • As mentioned previously, the moment the property gets transferred to the buyer, the seller loses his tag of being the owner. Instead, the buyer now turns out to be the owner of the property. Henceforth, the buyer has the legal right to own the property. To be more specific, the buyer now enjoys the privilege of suing the seller in case he fails to deliver the goods on time.

  • Ownership is Followed by Risk:
  • Now, if you are owner of some specific good, you have to be a part of its risk factors as well. The fact cannot be denied that ownership is often followed by potential risk factors. In case the goods get destroyed or damaged on the way of their delivery, then the person who bears maximum loss is the one who has the authority of the goods.

  • Third Party Action:
  • There are high chances of the fact that your goods may get destructed or rather damaged because of an intrusion by any third party. The only person who can take charge and penalize the third party is the person who has the ownership of these goods.

  • Price Penalty:
  • If you are a seller, then you too possess the right to sue that purchaser for the price. This is applicable only when the buyer has obtained the legal rights of the goods.

  • Insolvency Issue:
  • During high chances of insolvency in case of the buyer or the seller, the Assignee or the Official Receiver will take up the charge.

In addition to this, when it comes to getting the property transferred, there are two important requirements that needs to be focused on. These are as follows:

Make sure that the goods are ascertained. Unless this procedure is followed, the seller cannot transfer the goods to the buyer. Last, but not the least, it can be rightly termed that when you have a contract for the sale of any unascertained goods, it is observed that the none of the property that are in the form of goods will be transferred by the seller to the buyer unless the property is ascertained and has passed the required criteria. Finally, the property can be transferred when all the terms and conditions have been set between the buyer as well as the seller.

Related Topics:

  • Sale of Goods Act

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