Posted in Marketing and Strategy Terms, Total Reads: 297
Definition: Commercial Item
Commercial items are goods or services sold or traded in the general market place where the exchange of goods happens between the seller and buyer as part of a normal business. These consumer goods are important in measuring the total output of the economy and the Gross domestic product factors.
Generally the consumer goods alone are considered for calculating the inflation values. A basket of consumer goods will be defined. This basket will include commercial goods most commonly used by the general public in large. Based on the price changes of these goods Wholesale price index and consumer price index values are calculated. All these statistics together gives a picture on the economy of the country.
These sales and agreement to sell of these type of commercial goods are bound by contract of sales act. These commercial items can be of
• Present goods
• Future goods
• Ascertained goods
• Unascertained goods
• Goods in deliverable and non-deliverable state
The sale of these commercial items is covered under stipulations. If the stipulation is essential then it is condition whereas if the stipulation is just collateral it is warranty which the seller has to honour while selling the goods.