There are many types of goods such as movable and immovable goods and like wise, with the view point of sale of goods they are classified in the following main types.
- (1) Existing/present goods
Existing goods means goods either owned or possessed by a person while making a contract of sale. There is no doubt on the selling capacity of the seller to the goods owned and possessed by him because such goods are regarded as his own property.
- Specific goods: Goods identified and individualise at the time of forming contract of sale are called specific goods. Example, One cycle selected by buyer among the 20 cycle is the specific goods.
- Ascertained: Goods identified or which become ascertained subsequent to the formation of the contract of sale.
- Unascertained or generic goods: The goods which are not identified and agreed upon at the time of contract of sale are unascertained generic goods. Example, Nataraj pen is ascertained goods but table is unascertained goods because it can be change into any kinds of table after making a contract.
- (2) Future goods:
In contract Act, 2056, there is no any definition about the future goods, but in Indian sale of goods Act, 1930 section 2 (6) has defined about the future goods. Future goods means, goods to be manufactured or produced or acquired by the seller after the making of the contact of sale.
- (3) Contingent goods:
This is one of the forms of future goods. The goods come into existence only after meeting particular event of future. According to section 6(2) of the Indian sale of goods Act, 1930 "contingent goods are goods the acquisition of which by the seller depends upon a contingent which may or may not happen." Example, 'A' agree to sell 1000 bags of imported rice to 'B' provided the ship which is bringing the same, reaches the port safely. This is an agreement for the sale of contingent goods.