Unascertained Goods - Definition & Meaning
What is Unascertained Goods?
Goods which are yet to be identified and selected for sales and are in possession of the Seller are called unascertained goods.
Example:
If a seller agrees to sell one bag of Sugar from the lot of one thousand bags in the godown , then it is a sale of unascertained goods
If a boy asks for a ball from a shopkeeper, the seller picks up any ball from the available ball collection. This is sale of unascertained goods whereas if the same boy asks for a specific red coloured cosco ball at the corner of the shelf it is sale of specific goods.
Goods are generally classified into
1. Existing Goods
2. Future Goods
3. Contingent Goods
Existing goods are those goods which are physically existent when the actual sales happen. For example if you buy a branded computer the product exists in its entirety at the time of sale itself. Existing goods are further classified as
1. Specific goods
2. Unascertained goods
Unascertained goods cannot be ascertained or identified at the time of sale, but they are defined or indicated by descriptions. The difference between specific and unascertained goods is important when it comes to the rules regarding ‘Transfer of property’
In future goods, the goods are yet to be manufactured or produced. Example in most of the restaurant the consumable goods i.e the food is prepared only after placing the order. These are future goods
Contingent goods are those goods whose availability is based on uncertain contingency. If the restaurant owner says if the raw material for cooking the food is available then the food will be prepared then this is an example of Contingent goods.
Hence, this concludes the definition of Unascertained Goods along with its overview.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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