The Sale Of Goods In New York - A Commentary Upon The Sales Act Of 1911 And Related Statutes (1912) (Paperback)

Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: CHAPTER IV. SUBJECT-MATTER OF THE CONTRACT. 86. EXISTING AND FUTURE GOODS. 1. The goods which form the subject of a contract to sell may be either existing goods, owned or possessed by the seller, or goods to be manufactured or acquired by the seller after the making of the contract to sell, in this article called "future goods." l 2. There may be a contract to sell goods, the acquisition of which by the seller depends upon a contingency which may or may not happen.2 3. Where the parties purport to effect a present sale of future goods, the agreement operates as a contract to sell the goods.8 Effect of Section. The section is declaratory except that it abolishes the distinction between ordinary future goods and future goods having a potential existence, such as crops and the young of animals. No greater rights are created by an attempt to make a present sale of the latter than of the former under the Sales Act. See note on sub-section 3 below. English Act. This section is practically identical with section 5 of the Sale of Goods Act. In Ajello v. Wors- ley, 1898] 1 Ch. 274, 77 L. T. N. S. 783, the court refused an injunction to prohibit advertising for sale goods not yet acquired. The court said (page 785): "I further think that the general rule that any person may sell or offer for sale at any price whatsoever goods of which he is not the owner, but which he hopes or expects to 86. Existing and Future Goods. acquire. If a seller contract to sell future goods, he must be at liberty as a first step of such contract to offer them for sale." Reference is made in this case to section 5 of the Sale of Goods Act. 1 Subject Matter of Sale. That a man may sell or contract to sell existing goods is axiomatic. It is also elementary that he may contract to ...